The Hindu Business Line : All HDFC Bank branches linked to RTGS network

HDFC Bank has achieved complete Straight Thru Processing (STP) by integrating all 470 branches to the Real Time Gross Settlement System (RTGS) network, said a press release from the bank.

RTGS System is a payment platform where instructions between banks are processed and settled individually and continuously through the day. Each bank is required to bridge the technological gap between the RTGS network and its branches.

"This move enables all HDFC Bank branches to receive and credit client accounts online for all incoming RTGS credits. The branches can also make outward remittance online for their client requests, as long as the beneficiary is a member of the RTGS network," Mr Bhavesh Zaveri, Senior Vice-President, Head-Transactional Banking Operations and Product Development Group, HDFC Bank, said in the release.

HDFC Bank reportedly processed 15,000 transactions, valued at Rs 1,10,928 crore, through RTGS in May alone.

Interbank and intercity collections and payments will now become faster, cheaper and sans risk of transit loss. It will also allow clients a wider time window for their RTGS transactions, the release added.

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