PDF document (12 kb)
Payment Systems in India – Vision 2005-08 - Annex II

Annex-II

Glossary of terms / abbreviation used in the Document

The terms used which are specific to Indian Payment Systems scenario and which do not figure in the Glossary of Bank for International Settlements (BIS) been briefly explained below:

INFINET

INdian FInancial NETwork – The Closed User Group network for the Financial Sector

CIBIL

Credit Information Bureau of India Ltd.

PDO

Public Debt Office

NDS

Negotiated Dealing System

SSS

Securities Settlement System

SFMS

Structured Financial Messaging Solution – This is akin to SWIFT. SFMS allows intra / inter bank message transfer. This also provided for transfer of file attached in a secured mode.

CFMS

Centralised Funds Management System – gives a global view of the balances to the entities maintaining account with the RBI to query / transfer funds in its account at the various DADs, RBI

ECS

Electronic Clearing Services

ECS (Credit)

Credit Clearing ensures multiple repetitive credits to the accounts of constituents of banks situated at various branches of banks on the basis of a single debit to the account of a corporate customer called the "user"

ECS (Debit)

Debit Clearing ensures multiple repetitive debits to the accounts of constituents of banks situated at various branches of banks and a corresponding single debit to the account of a corporate customer called the "user"

SEFT

Special EFT – is a variant of EFT. The membership is open to the bank / branches which are networked and capable of processing the transactions and return if any to be submitted with next settlement

CCIL

Credit Clearing Corporation of India Ltd. – The CCIL is the CCP for the securities and Forex settlement

NSS

National Settlement System - where all clearings conducted in all clearing houses in all parts of the country will be settled in a single centralised location in central bank money

National CTS

National Cheque Truncation System

NEFT

National EFT - The NEFT envisages the use of SFMS for EFT message creation and transmission from a branch to the bank’s Gateway to the NEFT Centre using the tools available under SFMS.


Top