The Hindu Business Line : RTGS trial run with 4 banks

THE much-awaited real time gross settlement system (RTGS) is currently undergoing a trial run with the participation of four banks, one from each sector.

The `critical and complex' RTGS system is being implemented in two phases in India, said an RBI press release.

Under the first phase, the RTGS system with the functionalities for inter-bank fund transfer and customer based inter-bank fund transfer has reached an advanced stage of implementation.

As a measure of abundant caution and also to provide additional comfort that all the necessary steps have been taken to facilitate real time on-line settlement of inter-bank transactions, the Reserve Bank of India has constituted an external group of experts to carry out pre-launch review of the RTGS system including the policies, procedures and technical aspects.

The review was currently in progress, the release said.

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