The Reserve Bank of India has
today placed on the website the
report of the Study Group on Migration from Paper Based Funds Movement to
Electronic Funds Transfer (Group) for public comments. Comments may be addressed
to the Chief General Manager, Reserve Bank of India, Department of Payment and
Settlement Systems, Central Office, Fort, Mumbai - 400 001 or sent by email
before May 15, 2007.
The
Reserve Bank has been taking initiatives by creating appropriate technological
infrastructure to enable migration from paper based payments to electronic payment
systems such as Real Time Gross Settlement (RTGS) System, National Electronic
Funds Transfer (NEFT) System and Electronic Clearing Service (ECS). While doing
so, RBI has been adopting international best practices leading to higher efficiency,
risk reduction in payment and settlement systems. The access points for availability
of these payment systems as well as their usage have been steadily growing.
The RTGS system currently covers more than 28,000 branches of banks while the
NEFT system covers more than 23,000 bank branches. ECS is available at 64 centres
in the country.
The
Reserve Bank had constituted the Group to examine various issues connected with
migration from paper based funds movement to electronic funds transfer. The
approach suggested by the Group is to encourage, monitor and mandate, if necessary
electronic payment systems. The report outlines a time bound action plan for
certain categories of systemically important payments to be routed only through
RTGS.
G. Raghuraj
Deputy General Manager
Press Release : 2006-2007/1435
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