New Delhi [India], June 11 (ANI): The Reserve Bank of India (RBI) on Tuesday directed banks to withdraw the charges levied on the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement
(RTGS) transactions with effect from July 1.
The apex bank had been charging fees for transactions routed through its Real Time Gross Settlement
System (RTGS) and the National Electronic Funds Transfer (NEFT) System.
Developed as part of the first phase of Project Inthanon, the solution will enable de-centralized interbank real-time gross settlement
using wholesale Central Bank Digital Currency to prove that the technology can perform key functionalities of payment and enhance efficiency.
The first project will consolidate the Eurosystem's real-time gross settlement
system TARGET2 and the securities settlement platform TARGET2-Securities (T2S) and will provide market participants with enhanced liquidity management procedures.
Volante Technologies today announced it has been chosen by Finexus to provide the key MT to MX message transformations in complex multi-currency Real-time Gross Settlement
(RTGS) System implementations.
This arrangement will enable value added services to be provided to Citi's customers by NBP by replacing manual instruments with a more efficient electronic transfer mechanism leveraging on the SBP's Real Time Gross Settlement
Home buyers and sellers were left in limbo for most of the day during the ten-hour outage on October 20, unable to complete transactions until the problem with the Real Time Gross Settlement
(RTGS) system was fixed.
The real time gross settlement
system (SATNA) is a kind of electronic system which performs the processing and settlement of the payment mandates in gross, singular and real time forms (payments systems, 2009).
The relevant stock will then be subject to gross settlement
the following trading day.
SBP/PRI introduces the PRI Payment Mechanism for settlement of interbank home remittance transactions through Real Time Gross Settlement
(RTGS) system under SBP circular dated August 22, 2009.
All payments, except for payments transferred to the public budget and Social Fund, should be made in these banks using gross settlement