The Reserve Bank continued its efforts towards building robust and secure payment and settlement systems for
achieving a less-cash society. In this direction, it published Vision 2018 which highlights the need for making
regulations more responsive to technological developments and innovations in the payments space. This will be
complemented by enhanced supervision of payment system operators, improvement in customer grievance redressal
mechanisms and strengthening of the payments infrastructure. Further, the Reserve Bank focused on enhancements
in the IT infrastructure for internal users and bringing about improved efficiency and coverage for government
transactions.
DEPARTMENT OF PAYMENT AND
SETTLEMENT SYSTEMS (DPSS)
IX.1 The department continued its focus
on migrating to a ‘less-cash’ society through a
process of stakeholder consultation for developing
a regulatory framework that is responsive to
emerging developments and innovations. Among
other things, enhancement of infrastructure with
multiple channels and products for payment
services has widened the customer base.
Trend and Progress in Payment Systems
IX.2 Overall, the payment and settlement
systems registered robust growth during 2015-16,
with volumes and value growing at 49.5 per cent
and 9.1 per cent, respectively. The efforts made
by the Reserve Bank for migration to electronic
payments are reflected in high volumes witnessed
under various electronic payment systems during
2015-16 (Table IX.1). In volume terms, the share
of electronic transactions in total transactions
moved up to 84.4 per cent from 74.6 per cent
in the previous year. In value terms, their share
moved up to 95.2 per cent from 94.6 per cent.
Electronic Payments
IX.3 At end-March 2016, the national electronic
funds transfer (NEFT) facility was available through 130,013 branches of 172 banks, in addition to
business correspondent (BC) outlets. NEFT
handled 1.2 billion transactions valued at around
₹83 trillion, up from 928 million transactions for
₹60 trillion in the previous year. In March 2016,
NEFT processed the largest ever monthly volume
of 129 million transactions.
IX.4 During 2015-16, 786 million transactions
valued at around ₹2.4 trillion were carried out
through credit cards, while 1.2 billion transactions
valued at ₹1.6 trillion were carried out through
debit cards. Prepaid payment instruments (PPIs)
recorded 748 million transactions valued at ₹488
billion as compared to 314 million transactions
valued at ₹212 billion in the previous year. Mobile
banking service growth surged by 126.6 per cent
in terms of volume and 290.3 per cent in terms of
value handling 389 million transactions valued at
₹4 trillion during the year.
Authorisation of Payment Systems
IX.5 The number of authorised payment system
operators stood at 71 comprising PPI issuers,
cross-border money transfer service providers,
white label ATM (WLA) operators, ATM networks,
instant money transfer service providers and
card payment networks besides the Clearing
Corporation of India Limited (CCIL) and the National Payments Corporation of India (NPCI).
The number of entities authorised for operating
PPIs increased to 42 with nine entities authorised
during 2015-16. The number of entities authorised
to operate WLAs at end-March 2016, stood at
eight, out of which seven started the process of
installation and operations; these collectively
deployed 12,962 WLAs.
Table IX.1: Payment System Indicators – Annual Turnover |
Item |
Volume (million) |
Value (₹ billion) |
2013-14 |
2014-15 |
2015-16 |
2013-14 |
2014-15 |
2015-16 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
Systemically Important Financial Market infrastructures (SIFMIs) |
|
|
|
|
|
|
1. RTGS |
81.1 |
92.8 |
98.3 |
734,252 |
754,032 |
824,578 |
Total Financial Markets Clearing (2+3+4) |
2.6 |
3.0 |
3.1 |
621,570 |
672,456 |
721,094 |
2. CBLO |
0.2 |
0.2 |
0.2 |
175,262 |
167,646 |
178,335 |
3. Government Securities Clearing |
0.9 |
1.0 |
1.0 |
161,848 |
179,372 |
183,502 |
4. Forex Clearing |
1.5 |
1.8 |
1.9 |
284,460 |
325,438 |
359,257 |
Total SIFMIs (1 to 4) |
83.7 |
95.7 |
101.4 |
1,355,822 |
1,426,488 |
1,545,672 |
Retail Payments |
|
|
|
|
|
|
Total Paper Clearing (5+6+7) |
1,257.3 |
1,195.8 |
1,096.4 |
93,316 |
85,439 |
81,861 |
5. CTS |
591.4 |
964.9 |
958.4 |
44,691 |
66,770 |
69,889 |
6. MICR Clearing |
440.1 |
22.4 |
0.0 |
30,943 |
1,850 |
0 |
7. Non-MICR Clearing |
225.9 |
208.5 |
138.0 |
17,682 |
16,819 |
11,972 |
Total Retail Electronic Clearing (8+9+10+11+12) |
1,108.3 |
1,687.4 |
3,141.6 |
47,856 |
65,366 |
91,408 |
8. ECS DR |
192.9 |
226.0 |
224.8 |
1,268 |
1,740 |
1,652 |
9. ECS CR |
152.5 |
115.3 |
39.0 |
2,492 |
2,019 |
1,059 |
10. NEFT |
661.0 |
927.6 |
1,252.9 |
43,786 |
59,804 |
83,273 |
11. Immediate Payment Service (IMPS) |
15.4 |
78.4 |
220.8 |
96 |
582 |
1,622 |
12. National Automated Clearing House (NACH) |
86.5 |
340.2 |
1,404.1 |
215 |
1,221 |
3,802 |
Total Card Payments (13+14+15) |
1,261.8 |
1,737.7 |
2,707.2 |
2,575 |
3,325 |
4,484 |
13. Credit Cards |
509.1 |
615.1 |
785.7 |
1,540 |
1,899 |
2,407 |
14. Debit Cards |
619.1 |
808.1 |
1,173.5 |
955 |
1,213 |
1,589 |
15. Prepaid Payment Instruments (PPIs) |
133.6 |
314.5 |
748.0 |
81 |
212 |
488 |
Total Retail Payments (5 to 15) |
3,627.4 |
4,620.9 |
6,945.2 |
143,748 |
154,129 |
177,752 |
Grand Total (1 to 15) |
3,711.1 |
4,716.6 |
7,046.6 |
1,499,570 |
1,580,617 |
1,723,425 |
Note: 1. Real time gross settlement (RTGS) system includes customer and inter-bank transactions only.
2. Settlement of collateralised borrowing and lending obligation (CBLO), government securities clearing and forex transactions are
through the Clearing Corporation of India Ltd. (CCIL).
3. Consequent to total cheque volume migrating to the cheque truncation system (CTS), there is no magnetic ink character recognition
(MICR) cheque processing centre (CPC) location in the country as of now.
4. The figures for cards are for transactions at point of sale (POS) terminals only.
5. The National Automated Clearing House (NACH) system was started by the National Payments Corporation of India (NPCI) on
December 29, 2012, to facilitate inter-bank, high volume, electronic transactions which are repetitive and periodic in nature.
6. ECS: Electronic clearing service; DR: Debit; CR: Credit; NEFT: National electronic funds transfer.
7. Figures in the columns might not add up to the total due to rounding off. |
Agenda for 2015-16: Implementation Status
Payment and Settlement Systems in India,
Vision 2018
IX.6 The Reserve Bank published the vision
document for payment and settlement systems
on June 23, 2016, laying down the roadmap for
payment systems in the country up to December 2018 (Box IX.1). The broad contours of Vision 2018
revolve around 5 Cs: (i) Coverage – by enabling
wider access to a variety of electronic payment services, (ii) Convenience – by enhancing user
experience through ease of use and of products
and processes, (iii) Confidence – by promoting integrity of systems, security of operations and
customer protection, (iv) Convergence – by
ensuring interoperability across service providers
and (v) Cost – by making services cost effective
for users as well as service providers. In pursuit
of a ‘less-cash’ society, Vision 2018 is expected
to result in: (i) continued reduction in the share of
paper-based clearing instruments, (ii) consistent
growth in individual segments of retail electronic
payment systems viz., NEFT, IMPS, card
transactions and mobile banking, (iii) increase in
the registered customer base for mobile banking,
(iv) significant growth in acceptance infrastructure
and (v) accelerated use of Aadhaar in payment
systems.
Box IX.1
Payment and Settlement Systems in India: Vision 2018
Building best of class payment and settlement systems for a ‘less-cash’ India through responsive regulation, robust infrastructure,
effective supervision and customer centricity
STRATEGIC INITIATIVES |
RESPONSIVE REGULATION |
ROBUST INFRASTRUCTURE |
EFFECTIVE SUPERVISION |
CUSTOMER CENTRICITY |
1. Orienting policy with emerging developments and innovations
-
Framing new policy: Policy framework for central counter- parties (CCPs); exit policy for authorised entities; framework for imposition of penalty; regulation of payment gateway service providers and payment aggregators; monitoring framework for new technologies.
-
Review of existing policies / guidelines: PPIs; mobile banking; WLA; nodal account for intermediaries.
|
1. Facilitating faster payment services
-
NEFT – more frequent settlement cycles and exploring feasibility of adoption of International Organization for Standardization (ISO) messaging format.
-
Mobile banking – enhancing options for customer registration for mobile banking services; enabling wider access to mobile banking services in multiple languages for non-smartphone users.
-
Encourage innovative mobile based payment solutions.
|
1. Assessment of resilience of payment and settlement infrastructure including financial market infrastructures (FMIs) and System-Wide Important Payment Systems (SWIPS)
-
Draft framework for testing resilience
-
Resilience of communication/ messaging infrastructure.
-
Resilience of IT systems of payment system operators (PSOs).
-
Building capability to process transactions of one system in another system.
|
1. Strengthening customer grievance redressal mechanism
-
Frame necessary guidelines to ensure enhanced customer grievance redressal mechanism in authorised payment systems.
-
Require payment systems operators to adequately train front- office staff and agents.
|
2. Setting up the Payments System Advisory Council (PSAC) of industry and government
representatives / experts to strengthen the consultative process. |
2. Improving accessibility
-
Increasing acceptance infrastructure.
-
Implementation of the Bharat Bill Payment System.
-
Implementation of the Trade Receivables Discounting System.
|
2. Design an oversight framework
-
On the basis of proportionality of risk posed by PSOs.
-
For large-value payment systems, retail payment systems (including IS audit), BBPS and TReDS.
|
2. Enhancing customer education and awareness
|
3. Amendments to the PSS Act
|
3. Promoting interoperability
|
3. Strengthening the reporting framework including fraud monitoring
|
3. Protection of customer interest
|
4. Strengthen financial stability
|
4. Enhancing safety and security
-
Migration to EMV chip and PIN cards.
-
EMV card processing at ATM based on chip data.
-
Security of ATM transactions by holistically strengthening the safety and security of ATM infrastructure.
-
Examining feasibility of Aadhaar-based authentication.
|
4. Analysing data and publishing reports
|
4. Positive confirmation
|
|
5. Cheque clearing systems
-
Endeavour to eliminate paper-to-follow arrangements for all cheques issued by state governments.
-
Promoting use of positive pay mechanism, national archive on cheque images.
-
Encouraging complete migration of cheques to CTS-2010 standards.
|
|
5. Conducting customer surveys
- Engage with various stakeholders/ professionals to conduct user/ customer surveys on specific aspects of payment systems.
|
IX.7 The activities undertaken during the year,
including those which were indicated in the agenda
for 2015-16, can be broadly classified into actions
which have an impact on regulation, infrastructure
and supervision of payment systems, and were
oriented towards customer interest.
Responsive Regulation
Card Acceptance Infrastructure
IX.8 In line with the fourth bi-monthly Monetary
Policy Statement, 2015-16, a concept paper was
prepared on ‘Card Acceptance Infrastructure’. The
paper outlined a multi-pronged strategy to enhance
the growth in acceptance infrastructure and usage
of cards including rationalisation of merchant
discount rates (MDR) for debit card transactions.
The paper was placed on the Reserve Bank’s
website in early March 2016 to garner comments/
feedback.
Payment Gateways and Aggregators
IX.9 Payment gateways and aggregators
undertaking bill payments are being covered
under the scope of Bharat Bill Payment System
(BBPS) and hence, are required to apply for
authorisation to the Reserve Bank to remain in the business. With regard to other payment
aggregators and gateways which do not
undertake bill payments, the feasibility/desirability
of formulating a regulatory framework will be
examined after complete operationalisation of
the BBPS.
Introduction of PPI-MTS
IX.10 A new category of semi-closed PPI upto
₹2,000 was introduced for mass transit systems
(PPI-MTS) to facilitate small value electronic
payments.
Exit Policy for Authorised Entities
IX.11 To ensure consumer interest and that
other stakeholders are protected, an exit policy
specifying the parameters and processes for
voluntary exit of a payment system operator (PSO)
authorised to operate as a retail payment system,
(namely PPI Issuers and Money Transfer Service
Scheme (MTSS)-Overseas Principal) has been
put in place.
Payment System Innovation Awards
IX.12 To encourage innovations in payment and
settlement systems, the Reserve Bank announced
the ‘Payment System Innovation Awards’ in
December 2015. The contest was organised by
the Institute for Development and Research in
Banking Technology (IDRBT), a wholly owned
subsidiary of the Reserve Bank.
Robust Infrastructure
Authorisation of TReDS and BBPS
IX.13 The Trade Receivables Discounting
System (TReDS) is an institutional mechanism to
facilitate the financing of trade receivables of micro,
small and medium enterprises (MSMEs) from
corporate buyers through multiple financiers. In-principle
approval has been given to three entities
to set up and operate TReDS under the Payment
and Settlement System (PSS) Act, 2007. BBPS
is a pan-India interoperable bill payment system. In-principle authorisation was issued to NPCI to
function as a Bharat Bill Payment Central Unit
(BBPCU). Applications/requests received from
non-banks and banks for authorisation/approval
to operate as Bharat Bill Payment Operating Units
(BBPOUs) under the BBPS are under process.
Financial Messaging Services
IX.14 The Reserve Bank granted approval
to the SWIFT India Domestic Services Private
Limited (SIDSPL) to provide messaging
services for domestic financial transactions.
Currently, messaging for inter-bank transactions
is transmitted through the Structured Financial
Messaging System (SFMS). Messaging operations
of SWIFT will strengthen the infrastructure for
financial transactions in the country.
Security of Card Transactions
IX.15 As part of risk mitigation measures for card
transactions, banks were advised to progressively
migrate all active cards to EMV chip and PIN
cards by December 31, 2018. Further, banks
and WLA operators have been advised to ensure
that all the ATM infrastructure, both existing and
new, installed/operated by them are enabled
for processing of EMV chip and PIN cards by
September 30, 2017.
Mobile Banking
IX.16 In order to encourage mobile banking, the
Reserve Bank facilitated customers’ registration
for mobile banking at ATMs connected to the
National Financial Switch (NFS). Thus, a bank
customer can register for mobile banking at any
ATM obviating the need to visit the bank branch.
Financial Market Infrastructure – CCIL
IX.17 In pursuance of the G20/FSB declarations
and in line with the ‘Recommendations of the
Implementation Group on OTC Derivative Market
Reforms’, CCIL was authorised to put in place
central counter-party (CCP) clearing for rupee interest rate swaps (IRS). CCIL has launched
Anonymous System for Trading in Rupee OTC
Interest-rate Derivatives (ASTROID) in August
2015.
Effective Supervision
Assessment of Real Time Gross Settlement
(RTGS) against Financial Market Infrastructure
(FMI) Principles
IX.18 The Committee of Payments and Market
Infrastructures (CPMI) published the ‘Application of
the Principles for Financial Market Infrastructures
to the Central Bank’s FMIs’. The policy framework
for regulation and supervision of FMIs published
by the Reserve Bank had identified RTGS as one
of the FMIs. The assessment of RTGS against the
Principles for FMIs (PFMIs) has been initiated.
Oversight of Payment Systems – CCIL
IX.19 As a Qualified Central Counterparty
(QCCP), CCIL is assessed on an on-going basis
against PFMIs. Accordingly, an assessment of
CCIL was carried out during the year. CCIL, as
per the ‘Disclosure Framework and Assessment
Methodology’, prescribed in the PFMIs, disclosed
its self-assessment on its compliance with PFMIs
as a measure of enhanced transparency. CCIL has
also started disclosing as per the public disclosure
standards for CCPs. Besides, CCIL has introduced
a process for computing intra-day MTM margin on
multiple occasions in all segments.
Oversight of Payment Systems – Retail
IX.20 In addition to onsite inspection of 23 PPIs,
self-assessment as per the assessment template
for retail payment systems were received and
reviewed for another 29 entities operating retail
payment systems.
Assessment against Implementation of PFMIs
IX.21 CPMI and the International Organisation of
Securities Commissions (IOSCO), monitoring the
implementation of PFMIs including both Principles and Responsibilities, rated India as ‘4’1 for Level
12. Level 2/33 assessments are peer reviews of
the extent to which the content of the jurisdiction’s
implementation measures is complete and
consistent with the PFMI for Responsibilities and
India has been rated as ‘Observed’4 in the Level
2/3 assessments for Responsibilities.
Customer Centricity
Cash Withdrawal at Point of Sale (POS)
IX.22 The limit for withdrawal of cash at POS
through debit cards and open system prepaid
cards issued by banks was enhanced from ₹1,000
to ₹2,000 per day for Tier III to VI centres, with
customer charges, if levied, not to exceed 1 per
cent of the transaction amount for all centres.
RTGS Service Charges
IX.23 The recent enhancement of RTGS has
enabled expansion in the time window and
improved operational efficiency. To ensure that
services were appropriately priced for banks, the
charges for RTGS were rationalised. However,
the maximum fee a member could charge from its
customers remained unchanged.
Agenda for 2016-17
IX.24 Based on the agenda set out in Vision 2018,
the following activities are planned for 2016-17.
Framework for Imposition of Penalty
IX.25 Guidelines and standards for various
payment and settlement systems are issued
under the provisions of PSS Act. Non-adherence
to these by participants and operators can attract
penal provisions under the PSS Act. A framework
for imposition of such penalties under the PSS Act
would be put in place.
Review of PPI Guidelines
IX.26 The PPI segment of the payment systems
has been growing both in terms of number of
authorised operators and its usage. Taking into
account the advancements in technology, safety
and security concerns of PPI transactions, know
your customer (KYC) related issues, entry of new
players, and new payment mechanisms as well as
channels, it is considered necessary to undertake
a holistic review of the PPI guidelines.
Review of WLA Guidelines
IX.27 These guidelines, which were set out
with the objective of ensuring expansion of ATM
infrastructure in rural and semi-urban areas, have
not resulted in the anticipated growth in ATM
infrastructure. Accordingly, the WLA guidelines
will be examined holistically and targets re-aligned
to meet the current requirements.
Constitution of PSAC
IX.28 A Payment System Advisory Council
(PSAC) with representation from the fields of
technology, telecommunication, Fin Tech, security
solutions, academia, etc., will be constituted to
assist BPSS in forming new policies and assessing
the impact of new technological developments for
approving new products and solutions by providing
necessary insights.
Adoption of Legal Entity Identifier (LEI)
IX.29 The LEI uniquely identifies parties to a
financial transactions globally. Need for such
identification was felt in the aftermath of the last
financial crisis. Use of LEI will facilitate monitoring
the exposure of entities across systems. The
Reserve Bank will put in place a framework
to encourage the adoption of LEI for certain
transactions/markets/categories of institutions.
Policy Framework for CCPs
IX.30 The CCPs are critical FMIs and their
efficient functioning is important. The Reserve
Bank has already declared the policy framework
for regulation and supervision of FMIs under its
regulatory jurisdiction. The PFMIs against which
FMIs are assessed lay emphasis on having
effective governance framework and management
of various risks, including legal, credit and liquidity
risks. To begin with, the Reserve Bank will come
out with directions on governance of domestic
CCPs and their capital/net worth requirement, and
recognition of foreign CCPs. At a later date, the
Reserve Bank may come out with directions on
risk management, if required.
Operationalisation of BBPS and TReDS
IX.31 The BBPS will be made operational during
2016-17. The Reserve Bank will pursue with other authorities/government for the speedier
implementation of TReDS.
Promotion of Card Usage
IX.32 The Reserve Bank, after taking into
account the feedback received on the concept
paper on ‘Card Acceptance Infrastructure’, and
the findings of the pilot project being undertaken,
will initiate a review of the extant policy on MDR to
encourage wider adoption of card payments in the
country. The review will also be complemented with
a separate policy on enhancing card acceptance
infrastructure in the country.
Electronification of Toll Collection
IX.33 Toll payments, largely done in the form of
cash payments, is another segment where efforts
to migrate to electronic payments have been
sporadic and isolated. Electronification of the toll
collection systems on a pan-India basis in an
interoperable environment will be encouraged and
steps would be initiated to achieve this vision.
Customer Education and Awareness
IX.34 The Reserve Bank, in collaboration with
the stakeholders, would endeavour to enhance
customer awareness through structured campaign
and Electronic Banking Awareness and Training
(e-BAAT) programme.
Customer Survey
IX.35 The Reserve Bank will engage with various
stakeholders/ professionals to conduct user/
customer surveys over a period of time on specific
aspects of payments systems. The findings of
such surveys will not only provide insights into the
use of existing payment products and processes
by customers for meeting their various payment
needs but also generate ideas for reviewing
policies.
DEPARTMENT OF INFORMATION
TECHNOLOGY (DIT)
IX.36 Apart from policy formulation on information
technology (IT) related aspects for the Reserve
Bank, DIT continued to focus on managing and
operating the Reserve Bank’s critical IT systems
including large value payment and settlement
systems. A subsidiary was formed during the year,
details of which are given in Box IX.2.
Agenda for 2015-16: Implementation Status
Extension of e-Receipts and e-Payments
IX.37 The Reserve Bank, being the banker to
central and state governments, has been striving
for an efficient, secure and straight-through-processing
(STP) based system for government
receipts and payments. During the year, five state
governments were on-boarded for processing their
electronic payments. The reporting of government
receipts by agency banks to the Reserve
Bank wherein multiple state governments are
participants, was also achieved during 2015-16.
Support for Goods and Services Tax (GST)
IX.38 The process flow for the proposed GST
was designed on the basis of the ‘Standardised
e-Receipt model of e-Kuber’, with the Reserve
Bank playing the crucial role of an ‘aggregator’ and a one-stop source for data reporting to the
GST Network (GSTN). The Reserve Bank, in
coordination with GSTN has been working to
ensure that banks are well prepared for the GST
rollout.
Sove reign Gold Bonds (SGBs) and Priority Sector
Lending Certificates (PSLCs)
IX.39 In an effort to dissuade customers from
buying physical gold, the SGB scheme was
launched in November 2015. e-Kuber acted as the
base system for processing applications under the
scheme; it also acted as a registrar and depository
for the issues. Distributing agents, that is, banks
and post offices, were provided an online medium
of transfer of information for their customers
through e-Kuber. A system for facilitating transfer
of PSLCs across banks was put in place and made
operational from April 04, 2016.
Information Security Operations Centre (iSOC)
IX.40 Given the increased information security
related threats, the Reserve Bank has embarked
on setting up an iSOC. The iSOC project will enable
centralised real-time supervision, early detection
and response to security threats, proactive
tracking and mitigation of enterprise-wide attacks
in coordination with external agencies such as the Indian Computer Emergency Response Team
(CERT-In). The iSOC is expected to be operational
by the end of December 2016.
Box IX.2
Reserve Bank Information Technology Private Limited (ReBIT)
The process of operationalising the information technology
(IT) subsidiary of the Reserve Bank is nearing completion.
The CEO for the subsidiary has been appointed and selection
of the vertical heads is underway. ReBIT, incorporated on
July 4, 2016, will focus on the IT systems and cyber security
(including related research) of the financial sector and assist
in the audit and assessment of the entities regulated by the
Reserve Bank. The mandate of the ReBIT also includes
advising, implementing and managing the IT projects or
systems of the Reserve Bank.
As a think-tank for innovation and big data analytics, it is also expected to generate new ideas on IT solutions
for the financial sector and participate in deliberations of
IT standard setting bodies to achieve robust and interoperable
standards for the Indian financial sector. ReBIT
will have advisory committees to provide guidance on
cyber security, current and futuristic requirements of the
financial sector, particularly banks as also to the Reserve
Bank on its IT systems and projects. The subsidiary
will report periodically to the Reserve Bank’s apex level
committees including the Board for Financial Supervision,
Board for Payment and Settlement Systems and the IT
Sub-committee of the Board.
Upgradation of NEFT and RTGS, and Virtualisation
of IT infrastructure
IX.41 Systemically important and other payment
system applications, RTGS and NEFT systems,
hosted in the Reserve Bank’s data centres were
upgraded substantially to take care of increasing
volumes during the year, and all time daily high
volume of more than 10 million NEFT transactions
was processed smoothly.
IX.42 To overcome challenges in terms of
cooling, power, space, agility and obsolescence
of IT infrastructure, a project for IT infrastructure
up-gradation was initiated using virtualisation
technology. The project, which also envisages
replacement of the aging network and security
infrastructure with contemporary state-of-the-art
systems is expected to be completed by January
2017.
Mail Messaging Solution (MMS)
IX.43 For improved security and ease of
usage, the MMS was upgraded to work on the MS Exchange 2013 platform with new features
including the enterprise vault (EV) and email
archiving systems.
Agenda for 2016-17
Electronic Document Management System
(EDMS)
IX.44 EDMS is being introduced in the Reserve
Bank for instituting a less paper-based system. This
will entail some changes in the work processes
and digitising of physical records. Vendor selection
for all the offices of the Reserve Bank has been
completed for the project with the aim to roll it out
by July 2017.
e-Kuber for Currency Management and
Government Transactions
IX.45 e-Kuber will be extended to cover the
currency management function of the Reserve
Bank. This will facilitate holistic and integrated
accounting of the cash management function
within a single centralised system. Vigorous efforts
will be made to on-board more state governments
and central government departments in the
standardised e-receipt and e-payment model of
e-Kuber.
|