RBI launches new RTGS system

The new real time gross settlement (RTGS) system is reportedly the first in the world to be built on ISO 20022 messaging standards

GN Bureau | October 19, 2013



Reserve Bank of India governor Raghuram Rajan, on Saturday, launched the revamped real time gross settlement (RTGS) system to facilitate real-time settlements of payments online. The governor is hopeful that the new system would enhance efficiency of the country’s financial markets.

"The new RTGS system is a great example of what we are capable of when we put our minds to it. With its advanced liquidity and queue management features, the new RTGS system is expected to significantly improve the efficiency of financial markets," Rajan said at the launch event in Mumbai.

Banks make use of the RTGS system to settle inter-bank transfers of huge funds for their own accounts and those of their customers. The new system will have additional functionalities including— advance liquidity features, facility to accept future value dated transactions, options to process multi-currency transactions, etc, which the apex bank will notify as and when they are ready for use, the RBI said in a statement.
 

Comments

 

Other News

A blueprint of India’s economic future: From a former RBI governor

From Dependence to Self-Reliance: Mapping India’s Rise as a Global Superpower By Bimal Jalan Rupa Publications, 184 pages, Rs 695 Bimal Jalan, a former governor of the Reserve Bank of India (RBI), has been one of our finest commentators on econom

Carbon neutrality: distant dream or a possible future?

While many countries have been chasing to reach the carbon neutral status, only a few seem to be living up to their pledges as of now. The famous ’Paris Agreement’ of 2015 was glorified and celebrated that finally 196 countries have united with an intent to mitigate and reduce the greenhouse ga

Agnipath: benefits and challenges on the path ahead

The government this week announced the Tour of Duty or `Agnipath` scheme for the recruitment of soldiers in the armed forces. Under this scheme new soldiers will be recruited only for four years. This radical and far-reaching scheme has attracted mixed reactions from various quarters. While some officials

Connecting credit card with UPI: What it means for you

UPI has become an integral part of our daily lives now. We use it to buy groceries, we use it to send money to friends and family, we use it to purchase tickets, book shows, pay the cab driver, and a whole host of other things due to the ease and availability of such a platform at our fingertips. The best

Gandhi’s letters to his youngest son also hold his aspirations for nation

Scorching Love: Letters from Mohandas Karamchand Gandhi to his son, Devadas By Gopalkrishna Gandhi and Tridip Suhrud Oxford University Press, 528 page, Rs 1495 Gandhi’s era happened to be an era when letter-writing was a primary mode of communica

‘In Mumbai, society, police forces triumphed over Covid-19’

Crediting the citizens of Mumbai for coming forward to help the police in combating the crisis situation due to Covid-19, Mumbai police commissioner Sanjay Pandey has said that Mumbai Police lost quite a few policemen during the pandemic but cumulative efforts, with citizens working hand in hand with the p

Visionary Talk: Sanjay Pandey, Mumbai Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter