[sbinews] RBI Board for Settlement
- From: sbistcbangalore@xxxxxxxx
- To: sbinews@xxxxxxxxxxxxx
- Date: Mon, 22 Dec 2003 21:02:21 +0500
RBI to set up board for settlement
TIMES NEWS NETWORK[ FRIDAY, DECEMBER 12, 2003 01:16:44 AM ]
MUMBAI: The Reserve Bank of India has said that it would set up a board for
payment and settlement systems. The board would be a forerunner to the new law
that will be enacted following the introduction of `Payment and Settlement
Systems' bill which has already been forwarded to the government by RBI.
Speaking at Becon, RBI governor Y V Reddy said the board would function in a
manner similar to the Board for Financial Supervision. "BPSS would provide
policy directions in areas relating to regulation and supervision of payment
and settlement systems, approval of payment systems, criteria for membership,
various aspects relating to admission, continuation and denial of membership,
handling of offences." This initiative would ensure that all the payment and
settlement systems in the country are subject to good and efficient governance
and that they adopt the best practices in risk management which is a prime
requirement relating to a safe, secure and efficient payment and settlement
systems.
Mr Reddy said that in India , the predominant mode of fund settlement in the
country was through the clearing process. "Though the systems are predominantly
confined to cheque clearing, many other types have also gained significance —
such as electronic payment and settlement, securities settlement, and foreign
exchange settlement. All these are regulated by their respective rules and
procedures." The regulations include RBI's rules relating to Electronic
Clearing Service (ECS), the Electronic Fund Transfer (EFT) Regulations and the
bye-laws relating to the operations of the systems of the Clearing Corporation
of India Ltd.
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