RTGS

With the Home Ministry mandating SBI to report all details of overseas donors, including purpose of remittances on daily basis, the Reserve Bank of India (RBI) on Thursday made necessary changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions. Under the FCRA, foreign contributions must be received only in the "FCRA account" of State Bank of India (SBI), New Delhi Main Branch (NDMB). The contributions to the FCRA account are received directly from foreign banks through SWIFT and from Indian intermediary banks through NEFT and RTGS systems. In a circular, the RBI said in terms of extant requirements of the Ministry of Home Affairs (MHA), the donor details such as name, address, country of origin, amount, currency, and purpose of remittance are required to be captured in such transactions and SBI is required to report the same to MHA on daily basis. "...necessary changes have been introduced in NEFT and RTGS systems," RBI said, adding the

Court also asks Centre to file a reply in the case in six weeks; next hearing on March 20

The RBI has asked for feedback and suggestions before October 3

Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries, states the discussion paper

What is RTGS funds transfer system?

Real Time Gross Settlement or RTGS system has cut short the risk to high-value payment settlements among financial institutions. It is used by central banks worldwide. Find out more about the system

TMS Ep128: Delay in LIC IPO, digital-only banks, TCS buyback, RTGS

What does a delayed LIC IPO mean? Why are top lenders bullish about digital-only banks? Should you join the TCS stock buyback bandwagon? What is RTGS? Find all answers here

Centralised Payment Systems' access will also help lower cost of payments for non-banks, reduce their dependence on banks, says RBI

Cash withdrawal through ATMs, transactions through NEFT and RTGS also decline

The Real Time Gross Settlement (RGTS) service for fund transfers will not be available for 14 hours on April 18, the Reserve Bank of India (RBI) has said.

RBI urged the member banks to inform their customers to plan their payment operations accordingly

Will help those who can't ensure minimum balance

In a major move in the online payments segments, the RBI has decided to allow payment system operators to take direct membership of Centralised Payment Systems (CPS), such as RTGS and NEFT

Central payment system constitutes real-time gross settlement (RTGS) and national electronic fund transfer (NEFT).

RTGS for high-value transactions will become available round-the-clock from 00:30 hours Monday onwards, making India one of the few countries in the world to operate the system 24X7

RBI said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days

That the efforts towards digitization have been very successful is clear from the steady fall in the share of paper clearing

While NEFT was made a 24x7 system in December, 2019, RTGS will also become one in December, 2020

These contributions have been allowed as per Section 46(1)(b) of the Disaster Management Act, 2005

In part one of a series, the author says the capital markets and the securities ecosystem have remained broadly untouched by the progress in India's payment infrastructure

Transactions via NEFT and RTGS were affected for almost 12 hours beginning Monday midnight