RTGS solution is a milestone in the saga of Indian Payment System. It will enhance competitiveness within the system. It gears up the banks to meet future challenges posed by the external environment. RTGS system, if implemented with due precautions and proper action plan, will certainly help the Indian Banking Industry to attain global standards
Reserve Bank of India has taken up many initiatives to establish an integrated payment and settlement system in the country. Real Time Gross Settlement, Centralized Funds Management System, Negotiated Dealing System, Securities Settlement System, etc., are some of the projects taken up by RBI in this regard. RBI also, through IDRBT, is introducing Structured Financial Messaging System to facilitate financial communication electronically on the lines of SWIFT.
RBI has given special focus on the implementation of the Systemically Important Payment System (SIPS) applications to facilitate inter-bank funds transfer in a secured environment. The Centralized Funds Management System, Negotiated Dealing System, and establishment of The Clearing Corporation of India Ltd etc., are some of the initiatives taken by RBI towards SIPS. The Securities Settlement System will in the near future, provide Depositary Services for the Government Securities including online real time payment & settlement for securities transactions.
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