The Real Time Gross Settlement (RTGS) system is being implemented in two phases in India. Under the first phase, the RTGS system with the functionalities for inter-bank fund transfer and customer based inter-bank fund transfer has reached an advanced stage of implementation. The RTGS system has been tested and is currently undergoing trial run with the participation of four banks. It is a complex and critical system.

As a measure of abundant caution and also to provide additional comfort that all the necessary steps have been taken to facilitate real time on-line settlement of inter-bank transactions, the Reserve Bank of India has constituted an external group of experts to carry out pre-launch review of the RTGS system including the policies, procedures and technical aspects. The review is currently in progress.