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.
Even as humanitarian support is pouring in to help distressed migrants amid Covid-19 pandemic and the lockdown, civil society organizations and NGOs are working for sanitation of community toilets which have become breeding source of virus infection. Every community toilet has 20 seats. Each
India, completing about two months of lockdown to protect against the spread of the Novel Coronavirus, has made good use of the time to improve health infrastructure, the government has said. Countering media reports “about some decisions of the government regarding the lockdown implem
As India begins to learn to live with Covid-19 and come out of nearly two-month long lockdown, regular train services are set to resume from June 1 in a graded manner, even as more ‘shramik’ special trains are planned. The railway ministry, in consultation with the health ministr
In the battle against Covid-19, India has managed to keep the mortality rate low at 0.2 deaths per lakh population, compared to some 4.1 deaths for the same population worldwide. Moreover, a total of 39,174 patients have been cured, registering a recovery rate of 38.73% which is improving continuously.
Sapio Umbrella, a unit of government advisory firm Sapio Analytics, has received support from Nobel Laureates Dr Michael Levitt and Colonel H R Naidu Gade in form of advisory engagement in strengthening its data driven decision support system for Covid-19. Sapio is providing data-driven sol
Eighty-eight Nobel laureates and world leaders have come together as part of ‘Laureates and Leaders for Children’ and called for the global attention towards children during Covid-19 lockdowns and its aftermath. The Dalai Lama, Archbishop Desmond Tutu, Prince Ali Al Hussein, Leym