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.
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This piece is based on a previous article by the authors published in Geoforum [Elsevier] in May 2019: available online: https://www.sciencedirect.com/science/article/pii/ S0016718519300764?via%3Dihub
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