The Hindu Business Line : RTGS system extended to over 15,000 branches

THE coverage of Reserve Bank of India's Real Time Gross Settlement (RTGS) has exceeded 15,000 bank branches. The target was achieved two months ahead of schedule indicating the popularity of the funds transfer service, said a release from RBI.

The 15,000 branches are spread over 500 centres and carry out 7,000 transactions daily valued at Rs 50,000 crore. Though the concentration of branches is in the top major 25 major centres, even smaller towns are covered under RTGS making it a National Payment System.

The RBI had introduced the RTGS in March 2004 with four bank branches on a pilot basis only for inter-bank transactions. Subsequently, customer-based transactions were also taken up. The RTGS system's membership now includes 96 banks, 14 primary dealers and the RBI.

More Stories on : Information Technology

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
`Standard' lag in accounting for financial instruments

Rupee posts sharp gains, bonds fall

RTGS system extended to over 15,000 branches

M&M Financial plans pref issue

KVB mobile banking

SBT increases NRE, FCNR deposit rates

T-bills fully subscribed

Three banks plan public issue