Payment and Settlement Systems

With the rapid growth in the number of mobile phone subscribers in India banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or an

The Reserve Bank of India has today placed on its website draft regulations framed under the Payment and Settlement Systems Act 2007 for public comments. Comments can be sent to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, Shaheed Bhagat Singh Marg, Mumbai (fax number: 022- 22659566) or may be e-mailed latest by May 15, 2008. It may be recalled that the Payment and Settlement Systems Bill was passed by

Recognising the importance of ensuring the safety, security of the payment systems, the Reserve Bank of India (RBI) has put in place three modes of electronic payments i.e. Real time Gross Settlement (RTGS) System, National Electronic Fund Transfer (NEFT) System and Electronic Clearing Service (ECS). Payments by these modes have been steadily growing in the last few years. An internal Working Group set up by the Reserve Bank to examine the various issues related to mi

The Approach Paper on "ATMs of Banks: Fair Pricing and Enhanced Access" was placed on the website on 24th December 2007 for public comments. The comments received from the public as also banks were mostly in favour of the approach suggested in the paper.A paper examining the public comments and proposed guidelines in the form of circular to be issued to banks has been placed today on the RBI website. Comments can be e-mailed or faxed to 022-22659566 or letter addresse

The Reserve Bank of India has today placed on its website the first Annual Report on the Payment and Settlement Systems in India. While there has been a number of initiatives for spreading the payment system network such as National Electronic Funds Transfer (NEFT) System, Electronic Clearing Services (ECS), Real Time Gross Settlement (RTGS) System and National Financial Switch (NFS), the feedback received showed that the level of awareness and familiarity with paymen

A vision document on technology and the financial sector was published in the public domain of the Reserve Bank of India's website in July 2005. With rapid changes in technology and the achievement of the plans outlined, this vision document was taken up for improvement and has since been enhanced to cover the immediate short term period between 2008 and 2010. Reserve Bank of India has today placed on its website (www.rbi.org.in) the revised draft Financial Sector Tec

The coverage of the Reserve Bank of India's Real Time Gross Settlement (RTGS) System has exceeded 15,000 bank branches in the country. The target was achieved two months ahead indicating the popularity of the funds transfer service. It may be recalled that the Reserve Bank of India introduced the RTGS System in March 2004 with four bank branches on a pilot basis, only for inter-bank transactions. Subsequently, customer-based transactions were also taken up. The RTGS S

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 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 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