The Hindu Business Line : Chamber plea on RTGS

Trade and industry here have sought the RBI's attention to issues such as popularisation of Real Time Gross Settlement Scheme (RTGS), disclosure of more details in bank statements, introduction of high value clearing system, revival of the Gold Card Scheme for exporters and separate banks for SMEs.

In a memorandum to the RBI Deputy Governor, Ms Shyamala Gopinath, the Indian Chamber of Commerce and Industry, Coimbatore (ICCIC), while hailing the regulator's decision to introduce the code of banks' commitment to customers, appealed for a similar rollout for corporate customers.

High transaction costs discouraged the use of the RTGS facility, the ICCIC President, Mr A. Sakthivel, said. "While Indian Bank charged Rs 250/lakh, Tamilnadu Mercantile Bank charged only Rs 100/lakh, dissuading customers from using this facility."

Further, the lack of enthusiasm for this product and the non-availability of the facility at many branches put off customers from using it, he added.

The ICCIC has also appealed that an adhoc limit of emergency funding be extended to share brokers beyond the present 5 per cent exposure limit, introduction of high value clearing, extension of finance support to brokers, reduction in the interest rate for export-oriented units, frozen exchange rate for SMEs on forex loans and relaxation in the ECB norms to enable the units to obtain working capital needs.

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