Financial Daily from THE HINDU group of publications
Wednesday, Oct 13, 2004
Financial Daily from THE HINDU group of publications Wednesday, Oct 13, 2004 |
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Money & Banking
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Foreign Banks ABN Amro joins RTGS system Our Bureau
Mr Romesh Sobti (left), Executive Vice-President and Chief Executive-India, ABN Amro Bank, and Mr Kannan Ramaswamy, Managing Director South Asia, Logica Global Solutions Pvt Ltd, at a press conference in Mumbai on Tuesday. — Shashi Ashiwal
Mumbai , Oct. 12 ABN Amro Bank today announced to customers its offer of straight through processing (STP) on Real Time Gross Settlement (RTGS) system. It is expected that high value clearing of cheques will benefit from this system; the high value clearing usually forms nearly 80 per cent of the value of total amount cleared. The charges for the service would be dependent on client relationship and structure of payments, bank officials said at the press conference where the announcement was made. Seventy per cent of the branches would use the system, they added. Mr Ramesh Sobti, Executive Vice-President, ABN Amro Bank, said, "The Reserve Bank of India has played a stellar role in making RTGS a reality in the Indian banking system. It is indeed a landmark measure that will take the Indian banking payments system to the international league. It gives me great pleasure in announcing that we are bringing the ease of straight through processing on RTGS systems to our customers."
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