The Hindu Business Line : RTGS launch likely by March-end

THE Reserve Bank of India after having delayed the launch of its Real Time Gross Settlement System, a technology platform for immediate clearing and settlement of funds, now proposes to "hopefully'' launch it before March-end.

The earlier RBI timeline had specified standalone implementation of Real Time Gross Settlement (RTGS) by January 2004 and full implementation by June.

The Chief General Manager-in-charge, Department of Information Technology, RBI, Mr R. Gandhi, said: "The delays have taken place because the system is very complex and we want banks to have full comfort before it goes live. We hope to start the online system before March-end.''

He was speaking to presspersons at the sidelines of a seminar organised by the technology research and advisory firm, Gartner Inc, here today.

Currently an external group is preparing a report on the on-going test run of the system among four banks.

The group, which comprises IT professionals, a banker and an academician, is expected to submit the report by March 1.

Speaking at the seminar, Mr Gandhi said that the RBI was developing a multi-application card on a pilot basis. "The same card can be used as an ATM, debit/credit card and perhaps a voter's ID card.

The Indian Institute of Technology, Mumbai, and the Institute for Development and Research in Banking Technology, Hyderabad, are handling the technology part of the initiative,'' he said.

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