Press Releases - Payment and Settlement Systems - RBI - Reserve Bank of India
Press Releases
Nov 21, 2005
NEFT System goes live
The National Electronic Funds Transfer (NEFT) started live operations from Today. The objective of the NEFT system is to establish an Electronic Funds Transfer system to facilitate an efficient, secure, economical, reliable and expeditious system of funds transfer between banks in the banking sector using Structured Financial Messaging Solution (SFMS) backbone. For the time being there will be a single settlement per day at 12.00 noon. To begin with 8 banks will be pa
The National Electronic Funds Transfer (NEFT) started live operations from Today. The objective of the NEFT system is to establish an Electronic Funds Transfer system to facilitate an efficient, secure, economical, reliable and expeditious system of funds transfer between banks in the banking sector using Structured Financial Messaging Solution (SFMS) backbone. For the time being there will be a single settlement per day at 12.00 noon. To begin with 8 banks will be pa
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Sep 16, 2005
RTGS coverage exceeds 10000 bank branches
The coverage of the Real Time Gross Settlement (RTGS) System exceeded the target of ten thousand bank branches in the country. Thanks to the aggressive strategies of the participating banks, the target was achieved six months ahead indicating thereby the popularity of the funds transfer service. It may be recalled that the RTGS System was introduced in March 2004 with just four bank branches on a pilot basis only for inter-bank transactions. Subsequently customer tran
The coverage of the Real Time Gross Settlement (RTGS) System exceeded the target of ten thousand bank branches in the country. Thanks to the aggressive strategies of the participating banks, the target was achieved six months ahead indicating thereby the popularity of the funds transfer service. It may be recalled that the RTGS System was introduced in March 2004 with just four bank branches on a pilot basis only for inter-bank transactions. Subsequently customer tran
May 03, 2005
RBI releases Vision Document for Payment and Settlement Systems
The Reserve Bank of India today released the Vision Document for Payment and Settlement Systems. The document lists the accomplishments in the area of payment system during the last three years and gives a roadmap for its further advancement during the next three years. Safety, security, soundness and efficiency have been identified in the document as the key themes of the payment systems upgradation efforts. Whereas safety in payment and settlement systems relates to
The Reserve Bank of India today released the Vision Document for Payment and Settlement Systems. The document lists the accomplishments in the area of payment system during the last three years and gives a roadmap for its further advancement during the next three years. Safety, security, soundness and efficiency have been identified in the document as the key themes of the payment systems upgradation efforts. Whereas safety in payment and settlement systems relates to
Aug 16, 2004
RTGS Services now for Bank Customers: RBI
The Reserve Bank of India has, today announced that its Real Time Gross Settlement (RTGS) System has been enabled for ‘Straight Through Processing’ at the participant’s, that is, the bank’s end for putting through customer transactions. Straight through processing of customer transactions will, upon receiving the credit advice, allow banks to directly credit the customer’s account without any manual intervention. This will facilitate introduction of T+1 settlement in
The Reserve Bank of India has, today announced that its Real Time Gross Settlement (RTGS) System has been enabled for ‘Straight Through Processing’ at the participant’s, that is, the bank’s end for putting through customer transactions. Straight through processing of customer transactions will, upon receiving the credit advice, allow banks to directly credit the customer’s account without any manual intervention. This will facilitate introduction of T+1 settlement in
Mar 26, 2004
RTGS System goes Live
The Real Time Gross Settlement (RTGS) System was put in live operations from 9.00 am today. For the time being inter-bank transactions are being put through and the customer related transfers will be enabled in due course.After about two weeks, other banks/primary dealers will join the System in a phased manner. Depending on their full technical and other preparedness, eligible participants will join the System at an interval of a week. It is expected that all prospec
The Real Time Gross Settlement (RTGS) System was put in live operations from 9.00 am today. For the time being inter-bank transactions are being put through and the customer related transfers will be enabled in due course.After about two weeks, other banks/primary dealers will join the System in a phased manner. Depending on their full technical and other preparedness, eligible participants will join the System at an interval of a week. It is expected that all prospec
Feb 20, 2004
Pre-Launch Review of RTGS in India
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
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
Jul 21, 2003
Make Ordinary Bank Customer Ultimate Beneficiary of RTGS: RBI urges Banks
Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India today urged banks to ensure complete infrastructural and human resources readiness, and connectivity and security at their end so that the Real Time Gross Settlement (RTGS) facilities could percolate to the ordinary customers. He added that one of the primary objectives of every central bank is to put in place a modern, robust, secure and integrated payment and settlement system to enable the common man to make
Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India today urged banks to ensure complete infrastructural and human resources readiness, and connectivity and security at their end so that the Real Time Gross Settlement (RTGS) facilities could percolate to the ordinary customers. He added that one of the primary objectives of every central bank is to put in place a modern, robust, secure and integrated payment and settlement system to enable the common man to make
Jun 16, 2003
ACU Members call for Strengthening of Payment and
Settlement Mechanism
Settlement Mechanism
The Reserve Bank of India hosted the 32nd Board Meeting of the Asian Clearing Union (ACU) today, in Bangalore. The central bank Governors of Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka participated in the meeting. Two senior level officials from the Central Bank of Thailand also participated as observers. Formed in 1974, the ACU at present has eight members - Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka with headq
The Reserve Bank of India hosted the 32nd Board Meeting of the Asian Clearing Union (ACU) today, in Bangalore. The central bank Governors of Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka participated in the meeting. Two senior level officials from the Central Bank of Thailand also participated as observers. Formed in 1974, the ACU at present has eight members - Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka with headq
Mar 31, 2003
RBI introducing Special Electronic Funds Transfer
The Reserve Bank of India, in conjunction with the banks, has embarked upon a Special Electronic Funds Transfer (SEFT) Scheme. The Scheme would enable safe, secure and quick transfer of funds electronically across branches of banks at many centres of the country. The Scheme would be introduced from April 1, 2003, with the settlement taking place at Mumbai for inter-bank funds transfers.The salient features of the Scheme are:The Scheme is designed to provide for same d
The Reserve Bank of India, in conjunction with the banks, has embarked upon a Special Electronic Funds Transfer (SEFT) Scheme. The Scheme would enable safe, secure and quick transfer of funds electronically across branches of banks at many centres of the country. The Scheme would be introduced from April 1, 2003, with the settlement taking place at Mumbai for inter-bank funds transfers.The salient features of the Scheme are:The Scheme is designed to provide for same d
Mar 12, 2003
Mumbai Clearing House to be closed on March 14 and May 14 : RBI
The Reserve Bank of India has stated that the clearing house in Mumbai will not function on March 14, 2003 as the Government of Maharashtra has declared it as a holiday under the Negotiable Instruments Act, 1881 on account of Moharrum. Earlier, the holiday for Moharrum was declared on March 15, 2003. Now, the clearing house will function normally on March 15, 2003The clearing house in Reserve Bank of India in Mumbai will also remain closed on May 14, 2003 instead of M
The Reserve Bank of India has stated that the clearing house in Mumbai will not function on March 14, 2003 as the Government of Maharashtra has declared it as a holiday under the Negotiable Instruments Act, 1881 on account of Moharrum. Earlier, the holiday for Moharrum was declared on March 15, 2003. Now, the clearing house will function normally on March 15, 2003The clearing house in Reserve Bank of India in Mumbai will also remain closed on May 14, 2003 instead of M
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