The Hindu Business Line : RTGS to cover 10,000 bank branches by 2006

Speaking at a conference on payment systems organised by Banknet India, Dr R.B. Barman, Executive Director, RBI, said that the central bank was addressing the issue of connectivity of payment channels across the country.

With the `National Electronic Fund Transfer Extended', 90 per cent of transactions will be covered, he said. The central bank also plans to introduce an automated clearing house system, a pilot project in Mumbai by mid-August wherein the transaction time will be reduced. T+2 will be converted to T+0 for settlement and credit, and T+1 in the case of returns.

Dr Barman, in his keynote address, said that India has developed a payment system in a fragmented way. There is a lack of shared network facility among ATMs and much of India remains outside the modern system of payments, he said.

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