Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Reserve Bank of India : RBI Governor launches new ISO 20022 compliant RTGS System

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/19/2013 | 12:21pm CEST

Dr. Raghuram Rajan, Governor, Reserve Bank of India, today launched the new Real Time Gross Settlement (RTGS) system of the Reserve Bank of India. Complimenting the entire team for successfully completing the project, the Governor said, "The new RTGS system is a great example of what we are capable of when we put our minds to it." He added that payment system like plumbing has to be efficient and ahead of the financial markets to be able to take care of the future developments in the financial markets. With its advanced liquidity and queue management features, the new RTGS system is expected to significantly improve the efficiency of financial markets. He hoped the new RTGS system would be such a driver for India's financial system.

Reportedly the first in the world to be built on ISO 20022 messaging standards, the new RTGS system is highly scalable and will have several new functionalities. These include advance liquidity features, including gridlock resolution mechanism and hybrid settlement facility, facility to accept future value dated transactions, options to process multi-currency transactions, etc. These functionalities, as and when made available for use, will be notified to the participants.

The new ISO 20022 compliant RTGS system provides three access options to participants - thick-client, Web-API (through INFINET or any other approved network) and Payment Originator module. The participants can decide the mode of participation in the system based on the volume of transactions and the cost of setting up the infrastructure.

The Real Time Gross Settlement (RTGS) system is a large-value funds transfer system which banks use to settle interbank transfers for their own account as well as for their customers. It was first implemented in India in March 2004 as a major technology based electronic funds transfer system across the country. The system facilitates customer, inter-bank payment on a 'real' time and on gross basis. The system also facilitates settlement of Multilateral Net Settlement Batch (MNSB) files emanating from other ancillary payment systems. The RTGS infrastructure is critical in facilitating the orderly settlement of payment obligations. The role of central banks as operators of large-value payment systems is important in the context of the broader role of the central bank in a nation's financial system insofar as it offers "safety net" attributes by providing final settlement in central bank money.

RTGS is a critical Financial market Infrastructure (FMI) operated by the Reserve Bank of India and it will be assessed against the Committee on Payment and Settlement Systems and the International Organisation of Securities Commissions (CPSS-IOSCO) "Principles for Financial Market Infrastructures" applicable to FMIs.

With implementation of the new RTGS system, the existing RTGS system will cease to be operational. Further, the "RTGS System Regulations 2013" would replace the RTGS (Membership) Business Operating Guidelines, 2004 and RTGS (Membership) Regulations, 2004.

Alpana Killawala
Principal Chief General Manager

Press Release : 2013-2014/819



distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
07:56a TETRAGON FINANCIAL GROUP LIMITED : ("TFG") Announces Intention To Conduct Tender Offer To Purchase Up To $100 Million Of TFG Shares
07:56a Tetragon Financial Group Limited ("TFG") Announces Intention to Conduct Tender Offer to Purchase Up to $100 Million of TFG Shares
07:56a Oslo børs - status companies on special observation
07:54a MINISTRY OF PLANNING AND DEVELOPMENT OF ISLAMI : China and Pakistan agree to expedite pace of work on development projects in Gwadar
07:54a BANGLADESH APPAREL EXPORTS CAN CREATE MORE JOBS : World Bank
07:54a HYDROGEN MOBILITY : As part of SimpleFuelTM team, McPhy Energy NA will display a refuelling solution at ACT Expo in Long Beach (CA) from May 3-5
07:52a TGS NOPEC GEOPHYSICAL ASA : announces new 2D multi-client acquisition offshore Eastern Canada
07:50a TGS : Announces New 2D Multi-Client Acquisition Offshore Eastern Canada
07:49a EPIGENOMICS : China FDA names Epigenomics’ blood-based Septin9 colorectal cancer test a most innovative medical product for 2015
07:49a ALAFCO AVIATION LEASE AND FINANCE KSCC : announces net profit of KD 6.1 million (US$ 20.1 million) for the first half of the fiscal year ended 31 March 2016.
Latest news
Advertisement
Hot News 
PETRO MATAD : Partner Exit from Blocks IV and V in Mongolia
HALYARD HEALTH : Response to Allegations in Lawsuit Referenced in 60 Minutes Program
RENAULT : Saleh Al Hamad Al Mana sweeps Renault awards
MOODY : The Sacramento Bee Dan Walters column
Sports schedule for Tuesday, May 3
Most Read News
05/01 TM ROBOTICS : Partners with M.A.P Services to Sell Toshiba Machine Industrial Robots in Australia for the First Time
05/01 GOVERNMENT OF BARBADOS OFFICE OF PRIME MINIS : New Petroleum Prices From Midnight May 1
12:27a Japan Manufacturing PMI Lowest Since Jan 2013
05/01 People line up for chance to work at Margaritaville
05/01 Despite Falling 142 Dogs Short of the GUINNESS WORLD RECORDS™ Title for Most Dogs Attending a Sporting Event, PetSmart® Says World-Record Run at Chase Field Was a Doggone Success
Most recommended articles
01:40aDJIndia's Manufacturing Activity Dips to 4-Month Low in April
01:31aDJYen Hits Fresh 18-Month High Vs Dollar
01:13a ICE may have more time to consider bid for London bourse
01:10a KELCY WARREN : Pipe dreams still alive for selected few in U.S. energy rout
01:08a U.S. shale firm's bankruptcy exit shows new chapter just as tough