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The real time gross settlement (RTGS)
system which went live on March 26, has accelerated its acceptability among the
banks and posted about 200 transaction on daily basis amounting to
Rs3,000-crore involving the participation from 14 leading banks, According to R
Gandhi, Chief General Manager (IT) of the Reserve Bank of India (RBI). Inaugurating a seminar on banking and
insurance finance, Gandhi said, the system known as 'just-in time money
transfer' facility would be expanded further from the current 14 to 120 banks
and financial institutions, covering 3,000 branches in about 275 cities by end
of June this year. In fact, by end of the current financial
year, he said, about 80 per cent of the country's non-cash transactions in
terms of value would be accounted for by the electronic transfer process
including RTGS and this is reasonably comparable with developed financial
markets. Claiming that the RTGS is the most safe
and cost-effective medium of financial transactions, he said, this would have
an impact on the floating funds in the banking system because of instant
transfer of funds from the payers to the receivers, restricting the banks to
easy access of floating funds. This may force the banks to revise the pricing
structure of their products for electronic delivery channels. Gandhi also said that with stabilisation
of RTGS and electronic funds transfer (EFT) systems, card base transactions
mainly in retail segment would grow along with the migration of the payment
mechanism in electronic modes. |
