NOTE: SBINEWS DOES NOT PERMIT CIRCULATION OF ATTACHMENTS. ATTACHMENTS, IF ANY, CIRCULATED WILL BE ONLY BECAUSE OF VIRUSES. PLEASE,THEREFORE, IGNORE ATTACHMENTS IF ANY IN SBINEWS MESSAGES ************************************************************************ Banks to settle in real time RBI launches instant settlement system (Business Standard) Our Banking Bureau in Mumbai Published : March 27, 2004 In a paradigm shift for the Indian banking industry, the real-time gross settlement system (RTGS) was finally launched on a live platform today by the Reserve Bank of India (RBI). With this ? among other things ? clearing of funds through cheque payments, which took two to three days earlier, will be instantaneous, and executed online. All inter-bank transactions and treasury operations have been shifted to the RTGS platform today in the first phase. Customer-related fund transfers will be shifted to RTGS in due course. As per the programme, after about two weeks, more banks and primary dealers will join the system in a phased manner depending on their preparedness, especially on the technical side. It is expected that all prospective participants will join the system in about three months. RTGS has been one of the prime initiatives of the RBI to reduce risks, especially of the settlement and systemic kind, in payment systems. It is a mechanism for settling inter-bank transactions on a gross basis online at real time. Four had banks participated in a pilot run. During this period, as a measure of abundant caution, RTGS, the policies, procedures, security and other aspects were also subjected to a review by an external group of experts. In order to fund the shortages during the day, the RBI has also agreed to provide intra-day liquidity at a nominal cost. ---------------------------------------------------------------------- Email From "rs.pai@xxxxxxxxx" was security checked by 3.90 version of CxProtect(tm) On: mail_store at: 09:16:58, 29-Mar-2004 Monday ---------------------------------------------------------------------- ---------------------------------------------------------------------- *** WARNING : EMAIL NOT SCANNED FOR VIRUS *** ---------------------------------------------------------------------- ---------------------------------------------------------------------- *************************************************************************** Mailing list (sbinews@xxxxxxxxxxxxx) related information: News/articles about SBI and Banking related matters published in the print media, Internet etc will be circulated through this Mailing List. The messages in this list will help in improving awareness of SBI and its activities vis-a-vis the happenings in the Banking industry. This should be of help to all staff members of SBI, particularly those who are preparing for promotional written tests/interviews/group discussions. Subscription to this Mailing List is simple and FREE. Please check the procedure below. Please share this information with other colleagues/branches that could be interested in subscribing to this Mailing List. The messages circulated here should not be deemed to have the official endorsement of the SBI or any of its employees. The correct factual position may be ascertained from official sources. To join this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with the word 'subscribe' without the quotes in the subject of the email message. To leave this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with the word 'unsubscribe' without the quotes in the subject of the email message. Archives (old messages) are available for viewing at: //www.freelists.org/archives/sbinews Click on the month-year at the lower left corner to view messages posted during that month. This is an announcements/newsletter type mailing list i.e. only the Moderator/s can post messages to the list. This mailing list is maintained and moderated by Sri. R.S.Pai, currently working as Chief Manager(IT-Internet Banking), SBI, Corporate Centre, Mumbai. Visit http://rspai.tripod.com for some useful Banking, Reference and Utilities Links