Guidelines

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Guidelines for the Trade Receivables Discounting System (TReDS)

Date : জুলাই 02, 2018

Guidelines for the Trade Receivables Discounting System (TReDS)
(Updated as on July 2, 2018) Micro, Small and Medium Enterprises (MSMEs), despite the important role played by them in the economic fabric of the country, continue to face constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. In order to address this pan-India issue through setting up of an institutional mechanism for financing trade receivables, the Reserve Bank of India had published a concept paper on “Micro, Small & Medium Enterprises (MSME) Factoring-Trade Receivables Exchange” in March 2014. 2. Based on the public comments received on the concept paper and the subsequent draft guidelines issued for setting up and operating the system, and interactions held with relevant stakeholders, the following guidelines are being issued for setting up and operating the trade receivables system in the country. These Guidelines are issued by Reserve Bank of India under Section 10(2) read with Section 18 of Payment & Settlement Systems Act, 2007 (Act 51 of 2007). Scheme 3. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of MSMEs from corporate and other buyers, including Government Departments and Public Sector Undertakings (PSUs), through multiple financiers will be known as Trade Receivables Discounting System (TReDS). 4. The TReDS will facilitate the discounting of both invoices as well as bills of exchange. Further, as the underlying entities are the same (MSMEs and corporate and other buyers, including Government Departments and PSUs), the TReDS could deal with both receivables factoring as well as reverse factoring so that higher transaction volumes come into the system and facilitate better pricing. 5. The transactions processed under TReDS will be “without recourse” to the MSMEs. Definitions 6. For the purpose of the Scheme, notwithstanding any other definition used in any other context, scheme, law or document, the following definitions are used: a) Factoring unit - a standard nomenclature used in the TReDS for an invoice or a bill on the system. Factoring Units may be created either by the MSME seller (in the case of factoring) or by corporate and other buyers, including Government Departments and PSUs, (in case of reverse factoring) as the case may be. b) Financier – refers to banks, NBFC Factors and other financial institutions as permitted by the Reserve Bank of India participating in the TReDS and accepting the factoring unit for financing purpose. Participants 7. MSME sellers, corporate and other buyers, including the Government Departments and PSUs, and financiers (banks, NBFC Factors and other financial institutions as permitted by the Reserve Bank of India) will be direct participants in the TReDS. The TReDS will provide the platform to bring these participants together for facilitating uploading, accepting, discounting, trading and settlement of the invoices / bills of MSMEs. The bankers of sellers and buyers may be provided access to the system, where necessary, for obtaining information on the portfolio of discounted invoices / bills of respective clients. The TReDS may tie up with necessary technology providers, system integrators and entities providing dematerialisation services for providing its services. Process flow and procedure 8. The objective of the TReDS is to facilitate financing of invoices / bills of MSMEs drawn on corporate and other buyers, including the Government Departments and PSUs, by way of discounting by financiers. To enable this, the TReDS has to put in place suitable mechanism whereby the invoice / bill is converted into “factoring unit” as indicated in the Annex. 9. In the first phase, the TReDS would facilitate the discounting of these factoring units by the financiers resulting in flow of funds to the MSME with final payment of the factoring unit being made by the buyer to the financier on due date. In the second phase, the TReDS would enable further discounting / re-discounting of the discounted factoring units by the financiers, thus resulting in its assignment in favour of other financiers. 10. The process flow of the TReDS has to enable at the minimum, the uploading of invoices/bills and creation of factoring units by the MSME sellers; its acceptance by the corporate and other buyers, including the Government Departments and PSUs, within a specified time limit; discounting, rating and re-discounting of factoring units; sending of notifications at each stage to the relevant parties to the transaction; reporting and MIS requirements; and finally, generation and submission of settlement of obligations. In case of reverse factoring, the buyer could also create factoring units based on the documents uploaded by the MSME seller. A brief illustrative outline of the minimum features required in the process flow is given in the Annex. 11. The actual business, technical and operational processes and procedures to be followed in the system will be prepared by the entity operating the TReDS, and will be part of the Procedural Guidelines for the system. 12. The TReDS may also undertake some random audits to ensure that the factoring units uploaded on the exchange are authentic & based on genuine underlying transactions involving the sale of goods or services. 13. TReDS would put in place a standardized mechanism / process for on-boarding of buyers and sellers on the TReDS. This one-time on-boarding process will require the entities to submit all KYC related documents to the TReDS, along with resolutions / documents specific to authorised personnel of the buyer, and the MSME seller. Such authorised personnel would be provided with IDs / Passwords for TReDS authorisations (multi-level). Indemnity in favour of TReDS, if required, may also be given if it is made part of the standardized on-boarding process. 14. The KYC documentation and its process may be standardised and disclosed to all stakeholders by TReDS. As it requires confirmation of the banker of the MSME seller / buyer, as the case may be, the KYC documentation may be synchronous with the documentation / verification done by the banks in adherence to the extant regulatory requirements (Reserve Bank of India’s “Master Direction - Know Your Customer (KYC) Direction, 2016” dated February 25, 2016 (as amended from time to time)). 15. There would be a one-time agreement drawn up amongst the participants in the TReDS: a) Master agreement between the financier and the TReDS, stating the terms and conditions of dealings between both the entities. b) Master agreement between the buyers and the TReDS, stating the terms and conditions of dealings between both the entities. This agreement should clearly capture the following aspects: The buyer’s (corporates and other buyers including government departments and PSUs as the case may be) obligation to pay on the due date once the factoring unit is accepted online. No recourse to disputes with respect to quality of goods or otherwise. No set offs to be allowed. c) Master agreement between the MSME sellers and the TReDS, stating the terms and conditions of dealings between both the entities. The agreement should also have a declaration / undertaking by the MSME seller that, in respect of goods and services underlying the factoring unit, no finance is extended by the working capital financing bank and such goods and services are not charged to the working capital financing bankers (i.e., finance availed through the TReDS would not be part of existing charge / hypothecation of its working capital bankers). d) In case of financing on the basis of invoices, an assignment agreement would need to be executed between the MSME seller and the financier. Alternatively, this aspect may be incorporated in the agreement between the MSME seller and the financier, to the effect that any financing transaction on TReDS will tantamount to an assignment of receivables in favour of whoever is the financier. e) The TReDS will be in custody of all the agreements. 16. Other procedural aspects of TReDS functioning and operations may be incorporated either in the Master Agreement, if so necessitated by the participants, or in the Procedural Guidelines where applicable. In all instances, such procedural aspects, even if incorporated in the Master Agreements, should be in adherence to regulatory norms issued from time to time. The Master Agreement may also clearly indicate that any legal proceedings to be initiated by one entity against another, if at all, will be outside the purview of TReDS. 17. TReDS will also review the need for CERSAI registration for the assignments as indicated above, and put in place a suitable mechanism for the same (preferably driven automatically through the TReDS), as soon as feasible after a factoring unit has been accepted for financing by a financier. Settlement process 18. Critical to the operations of the TReDS is the mechanism that ensures timely settlement of funds between the member financiers and the MSME sellers (when the factoring unit is financed) and the subsequent settlement of funds between the member buyers and the respective financiers on due date of the factoring unit. In order to ensure a smooth process of such payments, the TReDS would be required to: a) Trigger settlement between financier and MSME for accepted bids - In respect of all factoring units financed on a given day, the TReDS will generate the payment obligations of all financiers on T+2 basis and send the file for settlement in any of the existing payment system as agreed among the system participants. The TReDS would have to put in place a separate recourse mechanism to handle settlement failures in respective payment systems. b) Trigger settlement between the buyer and the ultimate financier on due date - the TReDS would generate the payment obligations file and send the same for settlement on due date to the relevant payment system. 19. The TReDS will generate the settlement files and send the same to existing payment systems for actual payment of funds. This would ensure that the inter-bank settlement (between the bankers representing member MSMEs, buyers and the financiers) will take place and defaults, if any, by the buyers will be handled by the buyer’s bank and will not be the responsibility of the TReDS. Hence, the settlement process ensures payments to relevant recipients on due date, thus, facilitating the smooth operations on the TReDS. However, it would not entail a guaranteed settlement by the TReDS. 20. The TReDS would be required to put in place a mechanism for bankers to report defaults in payments by buyers. The TReDS would also need to ensure adequate arbitration and grievances redressal mechanism is in place. Regulatory framework for TReDS 21. The TReDS, which undertakes clearing and settlement activities, would be governed by the regulatory framework put in place by the Reserve Bank of India under the Payment and Settlement Systems Act 2007 (PSS Act). It will function as an authorised payment system under the PSS Act 2007. The activities of the TReDS as well as those of the participants in the TReDS would be governed by the relevant legal and regulatory provisions applicable to various stakeholders in the system. As such, the processes and procedures of the TReDS should be compliant with such legal and regulatory provisions which may be issued and amended from time to time by respective authorities. Eligibility criteria to set up and operate the TReDS 22. Entities desirous of setting up and operating the TReDS should fulfil the following criteria. (a) Financial Criteria (i) Since the TReDS will not be allowed to assume any credit risk, its minimum paid up equity capital shall be Rs. 25 crore. (ii) The foreign shareholding in the TReDS would be as per the extant foreign investment policy. (iii) Entities, other than the promoters, will not be permitted to have shareholding in excess of 10 per cent of the equity capital of the TReDS. (iv) The overall financial strength of the promoters/entity seeking to set up TReDS would be an important criteria of assessment/selection. (b) Due diligence of promoters The entities and their promoters/promoter groups as defined in the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 should be ‘fit and proper’ in order to be eligible to operate as TReDS. RBI would assess the ‘fit and proper’ status of the applicants on the basis of their past record of sound credentials and integrity; financial soundness and track record of at least 5 years in running their businesses. RBI may, inter alia, seek feedback on the applicants on these or any other relevant aspects from other regulators, and enforcement and investigative agencies like Income Tax, CBI, Enforcement Directorate, SEBI, etc. as deemed appropriate. (c) Technological capability The TReDS should have sound technological basis to support its operations. As such, the TReDS should, at the minimum, fulfil the following technological requirements. TReDS shall be able to provide electronic platform for all the participants. Information about bills/ invoices, discounting and quotes shall be disseminated by the TReDS in real time basis, supported by a robust MIS system. The TReDS shall have a suitable Business Continuity Plan (BCP) including a disaster recovery site. The TReDS shall have an online surveillance capability which monitors positions, prices and volumes in real time so as to check system manipulation. Application procedure for Authorisation 23. The general guidelines as well as the application format for any non-bank entity to seek authorisation under the PSS Act for operating a payment system are available at /documents/87730/21647585/86707.pdf 24. Entities meeting the eligibility criteria as outlined in the Guidelines and desirous of setting up the TReDS, may apply in the prescribed format to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, 14th Floor, Central Office Building, Shaheed Bhagat Singh Marg, Mumbai – 400001, as and when the window for receipt of applications for this purpose is opened. Annex Illustrative Outline of Process flow under TReDS a) Corporate and other buyers, including Government Departments and Public Sector Undertakings, send purchase order to MSME seller (outside the purview of the TReDS). b) MSME seller delivers the goods along with an invoice. There may or may not be an accepted bill of exchange depending on the trade practice between the buyer and the seller (outside the purview of the TReDS). c) Thereafter, on the basis of either an invoice or a bill of exchange, the MSME seller creates a ‘factoring unit’ (which would be a standard nomenclature used in the TReDS for an invoice or a bill on the system) on TReDS. Subsequently, the buyer also logs on to TReDS and flags this factoring unit as ‘accepted’. In case of reverse factoring, this process of creation of factoring unit could be initiated by the buyer. d) Supporting documents evidencing movement of goods etc. may also be hosted by the MSME seller on the TReDS in accordance with the standard list or check-list of acceptable documents indicated in the TReDS. e) The TReDS will standardise the time window available for buyers to ‘accept’ the factoring units, which may vary based on the underlying document – an invoice or bill of exchange. f) The TReDS may have either a single or two separate modules for transactions with invoices and transactions with Bills of Exchange, if so required. In either case, all transactions routed through TReDS will, in effect, deal with factoring units irrespective of whether they represent an invoice or a bill of exchange. g) Factoring units may be created in each module as required. Each such unit will have the same sanctity and enforceability as allowed for physical instruments under the “Factoring Regulation Act, 2011” or under the “Negotiable Instruments Act, 1881” h) The standard format / features of the ‘factoring unit’ will be decided by the TReDS – it could be the entire bill/invoice amount or an amount after adjustment of tax / interest etc. as per existing market practice and as adopted as part of the TReDS procedure. However, each factoring unit will represent a confirmed obligation of the corporate and other buyers, including Government Departments and PSUs, and will carry the following relevant details – details of the seller and the buyer, issue date (could be the date of acceptance), due date, tenor (due date – issue date), balance tenor (due date – current date), amount due, unique identification number generated by the TReDS, account details of seller for financier’s reference (for credit at the time of financing), account details of buyer for financier’s reference (for debit on the due date), the underlying commodity (or service if enabled). i) The TReDS should be able to facilitate filtering of factoring units (by financiers or respective sellers / buyers) on any of the above parameters. In view of the expected high volumes to be processed under TReDS, this would provide the necessary flexibility of operations to the stakeholders. j) The buyer’s bank and account details form an integral feature of the factoring unit. The creation of a factoring unit on TReDS shall result in automatic generation of a notice / advice to the buyer’s bank informing them of such units. k) These factoring units will be available for financing by any of the financiers registered on the system. The all-in-cost quoted by the financier will be available on the TReDS. This price can only be viewed by the MSME seller and not available for other financiers. l) There will be a window period provided for financiers to quote their bids against factoring units. Financiers will be free to determine the time-validity of their bid price. Once accepted by the MSME seller, there will be no option for financiers to revise their bids quoted online. m) The MSME seller is free to accept any of the bids and the financier will receive the necessary intimation. Financiers will finance the balance tenor on the factoring unit. n) Once a bid is accepted, the factoring unit will get tagged as “financed” and the funds will be credited to the seller’s account by the financier on T+2 basis (T being the date of bid acceptance). The actual settlement of such funds will be as outlined under the Settlement section. o) Once an accepted factoring unit has been financed by a financier, notice would be sent to buyer’s bank as well as seller’s bank. While the buyer’s bank would use this information to ensure availability of funds and also handle the direct debit to the buyer’s account on the due date in favour of the financier (based on the settlement obligations generated by the TReDS), the seller’s bank will use this input to adjust against the working capital of the MSME seller, as necessary (the TReDS procedures may, if necessary, also indicate that the proceeds of the accepted and financed factoring units will be remitted to the existing working capital / cash credit account of the MSME seller). If agreed by members, the TReDS may also provide the option to members, whereby the financiers would take direct exposure against the buyers rather than through their bankers. p) On the due date, the financier will have to receive funds from the buyer. The TReDS will send due notifications to the buyers and their banks advising them of payments due. The actual settlement of such funds will be as outlined under the Settlement section. q) Non-payment by the buyer on the due date to their banker should tantamount to a default by the buyer (and be reported as such as per regulatory procedures prescribed from time to time) and enable the banker to proceed against the buyer. Any action initiated in this regard, will be strictly non-recourse with respect to the MSME sellers and outside the purview of the TReDS. r) These instruments may be rated by the TReDS on the basis of external rating of the buyer, its credit history, the nature of the underlying instrument (invoice or bill of exchange), previous instances of delays or defaults by the buyer with respect to transactions on TReDS, etc. s) The rated instruments may then be further transacted / discounted amongst the financiers in the secondary segment. t) Similar to the primary segment, any successful trade in the secondary segment will also automatically result in a direct debit authority being enabled by the buyer’s bank in favour of the financier (based on the settlement obligations generated by the TReDS). In parallel, it will also generate a ‘notice of assignment’ intimating the buyer to make the payment to the new financier. u) In the event that a factoring unit remains unfinanced, the buyer will pay the MSME seller outside of the TReDS. In order to meet the requirements of various stakeholders, the TReDS should ensure to provide various types of MIS reports including intimation of total receivables position, financed and unfinanced (to sellers); intimation of outstanding position, financed and unfinanced with details of beneficiaries and beneficiary accounts to be credited (for buyers); total financed position for financiers; etc. Similarly, data on unfinanced factoring units in the market should also be made available by the TReDS. The system should also generate due date reminders to relevant parties, notifications to be issued to bankers when a factoring unit is financed, notifications to be issued to buyers once a factoring unit related to their transaction is traded in the secondary segment, etc.

Guidelines for the Trade Receivables Discounting System (TReDS)

(Updated as on July 2, 2018)

Micro, Small and Medium Enterprises (MSMEs), despite the important role played by them in the economic fabric of the country, continue to face constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. In order to address this pan-India issue through setting up of an institutional mechanism for financing trade receivables, the Reserve Bank of India had published a concept paper on “Micro, Small & Medium Enterprises (MSME) Factoring-Trade Receivables Exchange” in March 2014.

2. Based on the public comments received on the concept paper and the subsequent draft guidelines issued for setting up and operating the system, and interactions held with relevant stakeholders, the following guidelines are being issued for setting up and operating the trade receivables system in the country. These Guidelines are issued by Reserve Bank of India under Section 10(2) read with Section 18 of Payment & Settlement Systems Act, 2007 (Act 51 of 2007).

Scheme

3. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of MSMEs from corporate and other buyers, including Government Departments and Public Sector Undertakings (PSUs), through multiple financiers will be known as Trade Receivables Discounting System (TReDS).

4. The TReDS will facilitate the discounting of both invoices as well as bills of exchange. Further, as the underlying entities are the same (MSMEs and corporate and other buyers, including Government Departments and PSUs), the TReDS could deal with both receivables factoring as well as reverse factoring so that higher transaction volumes come into the system and facilitate better pricing.

5. The transactions processed under TReDS will be “without recourse” to the MSMEs.

Definitions

6. For the purpose of the Scheme, notwithstanding any other definition used in any other context, scheme, law or document, the following definitions are used:

a) Factoring unit - a standard nomenclature used in the TReDS for an invoice or a bill on the system. Factoring Units may be created either by the MSME seller (in the case of factoring) or by corporate and other buyers, including Government Departments and PSUs, (in case of reverse factoring) as the case may be.

b) Financier – refers to banks, NBFC Factors and other financial institutions as permitted by the Reserve Bank of India participating in the TReDS and accepting the factoring unit for financing purpose.

Participants

7. MSME sellers, corporate and other buyers, including the Government Departments and PSUs, and financiers (banks, NBFC Factors and other financial institutions as permitted by the Reserve Bank of India) will be direct participants in the TReDS. The TReDS will provide the platform to bring these participants together for facilitating uploading, accepting, discounting, trading and settlement of the invoices / bills of MSMEs. The bankers of sellers and buyers may be provided access to the system, where necessary, for obtaining information on the portfolio of discounted invoices / bills of respective clients. The TReDS may tie up with necessary technology providers, system integrators and entities providing dematerialisation services for providing its services.

Process flow and procedure

8. The objective of the TReDS is to facilitate financing of invoices / bills of MSMEs drawn on corporate and other buyers, including the Government Departments and PSUs, by way of discounting by financiers. To enable this, the TReDS has to put in place suitable mechanism whereby the invoice / bill is converted into “factoring unit” as indicated in the Annex.

9. In the first phase, the TReDS would facilitate the discounting of these factoring units by the financiers resulting in flow of funds to the MSME with final payment of the factoring unit being made by the buyer to the financier on due date. In the second phase, the TReDS would enable further discounting / re-discounting of the discounted factoring units by the financiers, thus resulting in its assignment in favour of other financiers.

10. The process flow of the TReDS has to enable at the minimum, the uploading of invoices/bills and creation of factoring units by the MSME sellers; its acceptance by the corporate and other buyers, including the Government Departments and PSUs, within a specified time limit; discounting, rating and re-discounting of factoring units; sending of notifications at each stage to the relevant parties to the transaction; reporting and MIS requirements; and finally, generation and submission of settlement of obligations. In case of reverse factoring, the buyer could also create factoring units based on the documents uploaded by the MSME seller. A brief illustrative outline of the minimum features required in the process flow is given in the Annex.

11. The actual business, technical and operational processes and procedures to be followed in the system will be prepared by the entity operating the TReDS, and will be part of the Procedural Guidelines for the system.

12. The TReDS may also undertake some random audits to ensure that the factoring units uploaded on the exchange are authentic & based on genuine underlying transactions involving the sale of goods or services.

13. TReDS would put in place a standardized mechanism / process for on-boarding of buyers and sellers on the TReDS. This one-time on-boarding process will require the entities to submit all KYC related documents to the TReDS, along with resolutions / documents specific to authorised personnel of the buyer, and the MSME seller. Such authorised personnel would be provided with IDs / Passwords for TReDS authorisations (multi-level). Indemnity in favour of TReDS, if required, may also be given if it is made part of the standardized on-boarding process.

14. The KYC documentation and its process may be standardised and disclosed to all stakeholders by TReDS. As it requires confirmation of the banker of the MSME seller / buyer, as the case may be, the KYC documentation may be synchronous with the documentation / verification done by the banks in adherence to the extant regulatory requirements (Reserve Bank of India’s “Master Direction - Know Your Customer (KYC) Direction, 2016” dated February 25, 2016 (as amended from time to time)).

15. There would be a one-time agreement drawn up amongst the participants in the TReDS:

a) Master agreement between the financier and the TReDS, stating the terms and conditions of dealings between both the entities.

b) Master agreement between the buyers and the TReDS, stating the terms and conditions of dealings between both the entities. This agreement should clearly capture the following aspects:

The buyer’s (corporates and other buyers including government departments and PSUs as the case may be) obligation to pay on the due date once the factoring unit is accepted online.
No recourse to disputes with respect to quality of goods or otherwise.
No set offs to be allowed.

c) Master agreement between the MSME sellers and the TReDS, stating the terms and conditions of dealings between both the entities. The agreement should also have a declaration / undertaking by the MSME seller that, in respect of goods and services underlying the factoring unit, no finance is extended by the working capital financing bank and such goods and services are not charged to the working capital financing bankers (i.e., finance availed through the TReDS would not be part of existing charge / hypothecation of its working capital bankers).

d) In case of financing on the basis of invoices, an assignment agreement would need to be executed between the MSME seller and the financier. Alternatively, this aspect may be incorporated in the agreement between the MSME seller and the financier, to the effect that any financing transaction on TReDS will tantamount to an assignment of receivables in favour of whoever is the financier.

e) The TReDS will be in custody of all the agreements.

16. Other procedural aspects of TReDS functioning and operations may be incorporated either in the Master Agreement, if so necessitated by the participants, or in the Procedural Guidelines where applicable. In all instances, such procedural aspects, even if incorporated in the Master Agreements, should be in adherence to regulatory norms issued from time to time. The Master Agreement may also clearly indicate that any legal proceedings to be initiated by one entity against another, if at all, will be outside the purview of TReDS.

17. TReDS will also review the need for CERSAI registration for the assignments as indicated above, and put in place a suitable mechanism for the same (preferably driven automatically through the TReDS), as soon as feasible after a factoring unit has been accepted for financing by a financier.

Settlement process

18. Critical to the operations of the TReDS is the mechanism that ensures timely settlement of funds between the member financiers and the MSME sellers (when the factoring unit is financed) and the subsequent settlement of funds between the member buyers and the respective financiers on due date of the factoring unit. In order to ensure a smooth process of such payments, the TReDS would be required to:

a) Trigger settlement between financier and MSME for accepted bids - In respect of all factoring units financed on a given day, the TReDS will generate the payment obligations of all financiers on T+2 basis and send the file for settlement in any of the existing payment system as agreed among the system participants. The TReDS would have to put in place a separate recourse mechanism to handle settlement failures in respective payment systems.

b) Trigger settlement between the buyer and the ultimate financier on due date - the TReDS would generate the payment obligations file and send the same for settlement on due date to the relevant payment system.

19. The TReDS will generate the settlement files and send the same to existing payment systems for actual payment of funds. This would ensure that the inter-bank settlement (between the bankers representing member MSMEs, buyers and the financiers) will take place and defaults, if any, by the buyers will be handled by the buyer’s bank and will not be the responsibility of the TReDS. Hence, the settlement process ensures payments to relevant recipients on due date, thus, facilitating the smooth operations on the TReDS. However, it would not entail a guaranteed settlement by the TReDS.

20. The TReDS would be required to put in place a mechanism for bankers to report defaults in payments by buyers. The TReDS would also need to ensure adequate arbitration and grievances redressal mechanism is in place.

Regulatory framework for TReDS

21. The TReDS, which undertakes clearing and settlement activities, would be governed by the regulatory framework put in place by the Reserve Bank of India under the Payment and Settlement Systems Act 2007 (PSS Act). It will function as an authorised payment system under the PSS Act 2007. The activities of the TReDS as well as those of the participants in the TReDS would be governed by the relevant legal and regulatory provisions applicable to various stakeholders in the system. As such, the processes and procedures of the TReDS should be compliant with such legal and regulatory provisions which may be issued and amended from time to time by respective authorities.

Eligibility criteria to set up and operate the TReDS

22. Entities desirous of setting up and operating the TReDS should fulfil the following criteria.

(a) Financial Criteria

(i) Since the TReDS will not be allowed to assume any credit risk, its minimum paid up equity capital shall be Rs. 25 crore.

(ii) The foreign shareholding in the TReDS would be as per the extant foreign investment policy.

(iii) Entities, other than the promoters, will not be permitted to have shareholding in excess of 10 per cent of the equity capital of the TReDS.

(iv) The overall financial strength of the promoters/entity seeking to set up TReDS would be an important criteria of assessment/selection.

(b) Due diligence of promoters

The entities and their promoters/promoter groups as defined in the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 should be ‘fit and proper’ in order to be eligible to operate as TReDS. RBI would assess the ‘fit and proper’ status of the applicants on the basis of their past record of sound credentials and integrity; financial soundness and track record of at least 5 years in running their businesses. RBI may, inter alia, seek feedback on the applicants on these or any other relevant aspects from other regulators, and enforcement and investigative agencies like Income Tax, CBI, Enforcement Directorate, SEBI, etc. as deemed appropriate.

The TReDS should have sound technological basis to support its operations. As such, the TReDS should, at the minimum, fulfil the following technological requirements.

TReDS shall be able to provide electronic platform for all the participants.
Information about bills/ invoices, discounting and quotes shall be disseminated by the TReDS in real time basis, supported by a robust MIS system.
The TReDS shall have a suitable Business Continuity Plan (BCP) including a disaster recovery site.
The TReDS shall have an online surveillance capability which monitors positions, prices and volumes in real time so as to check system manipulation.

Application procedure for Authorisation

23. The general guidelines as well as the application format for any non-bank entity to seek authorisation under the PSS Act for operating a payment system are available at /documents/87730/21647585/86707.pdf

24. Entities meeting the eligibility criteria as outlined in the Guidelines and desirous of setting up the TReDS, may apply in the prescribed format to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, 14th Floor, Central Office Building, Shaheed Bhagat Singh Marg, Mumbai – 400001, as and when the window for receipt of applications for this purpose is opened.

Annex

Illustrative Outline of Process flow under TReDS

a) Corporate and other buyers, including Government Departments and Public Sector Undertakings, send purchase order to MSME seller (outside the purview of the TReDS).

b) MSME seller delivers the goods along with an invoice. There may or may not be an accepted bill of exchange depending on the trade practice between the buyer and the seller (outside the purview of the TReDS).

c) Thereafter, on the basis of either an invoice or a bill of exchange, the MSME seller creates a ‘factoring unit’ (which would be a standard nomenclature used in the TReDS for an invoice or a bill on the system) on TReDS. Subsequently, the buyer also logs on to TReDS and flags this factoring unit as ‘accepted’. In case of reverse factoring, this process of creation of factoring unit could be initiated by the buyer.

d) Supporting documents evidencing movement of goods etc. may also be hosted by the MSME seller on the TReDS in accordance with the standard list or check-list of acceptable documents indicated in the TReDS.

e) The TReDS will standardise the time window available for buyers to ‘accept’ the factoring units, which may vary based on the underlying document – an invoice or bill of exchange.

f) The TReDS may have either a single or two separate modules for transactions with invoices and transactions with Bills of Exchange, if so required. In either case, all transactions routed through TReDS will, in effect, deal with factoring units irrespective of whether they represent an invoice or a bill of exchange.

g) Factoring units may be created in each module as required. Each such unit will have the same sanctity and enforceability as allowed for physical instruments under the “Factoring Regulation Act, 2011” or under the “Negotiable Instruments Act, 1881”

h) The standard format / features of the ‘factoring unit’ will be decided by the TReDS – it could be the entire bill/invoice amount or an amount after adjustment of tax / interest etc. as per existing market practice and as adopted as part of the TReDS procedure. However, each factoring unit will represent a confirmed obligation of the corporate and other buyers, including Government Departments and PSUs, and will carry the following relevant details – details of the seller and the buyer, issue date (could be the date of acceptance), due date, tenor (due date – issue date), balance tenor (due date – current date), amount due, unique identification number generated by the TReDS, account details of seller for financier’s reference (for credit at the time of financing), account details of buyer for financier’s reference (for debit on the due date), the underlying commodity (or service if enabled).

i) The TReDS should be able to facilitate filtering of factoring units (by financiers or respective sellers / buyers) on any of the above parameters. In view of the expected high volumes to be processed under TReDS, this would provide the necessary flexibility of operations to the stakeholders.

j) The buyer’s bank and account details form an integral feature of the factoring unit. The creation of a factoring unit on TReDS shall result in automatic generation of a notice / advice to the buyer’s bank informing them of such units.

k) These factoring units will be available for financing by any of the financiers registered on the system. The all-in-cost quoted by the financier will be available on the TReDS. This price can only be viewed by the MSME seller and not available for other financiers.

l) There will be a window period provided for financiers to quote their bids against factoring units. Financiers will be free to determine the time-validity of their bid price. Once accepted by the MSME seller, there will be no option for financiers to revise their bids quoted online.

m) The MSME seller is free to accept any of the bids and the financier will receive the necessary intimation. Financiers will finance the balance tenor on the factoring unit.

n) Once a bid is accepted, the factoring unit will get tagged as “financed” and the funds will be credited to the seller’s account by the financier on T+2 basis (T being the date of bid acceptance). The actual settlement of such funds will be as outlined under the Settlement section.

o) Once an accepted factoring unit has been financed by a financier, notice would be sent to buyer’s bank as well as seller’s bank. While the buyer’s bank would use this information to ensure availability of funds and also handle the direct debit to the buyer’s account on the due date in favour of the financier (based on the settlement obligations generated by the TReDS), the seller’s bank will use this input to adjust against the working capital of the MSME seller, as necessary (the TReDS procedures may, if necessary, also indicate that the proceeds of the accepted and financed factoring units will be remitted to the existing working capital / cash credit account of the MSME seller). If agreed by members, the TReDS may also provide the option to members, whereby the financiers would take direct exposure against the buyers rather than through their bankers.

p) On the due date, the financier will have to receive funds from the buyer. The TReDS will send due notifications to the buyers and their banks advising them of payments due. The actual settlement of such funds will be as outlined under the Settlement section.

q) Non-payment by the buyer on the due date to their banker should tantamount to a default by the buyer (and be reported as such as per regulatory procedures prescribed from time to time) and enable the banker to proceed against the buyer. Any action initiated in this regard, will be strictly non-recourse with respect to the MSME sellers and outside the purview of the TReDS.

r) These instruments may be rated by the TReDS on the basis of external rating of the buyer, its credit history, the nature of the underlying instrument (invoice or bill of exchange), previous instances of delays or defaults by the buyer with respect to transactions on TReDS, etc.

s) The rated instruments may then be further transacted / discounted amongst the financiers in the secondary segment.

t) Similar to the primary segment, any successful trade in the secondary segment will also automatically result in a direct debit authority being enabled by the buyer’s bank in favour of the financier (based on the settlement obligations generated by the TReDS). In parallel, it will also generate a ‘notice of assignment’ intimating the buyer to make the payment to the new financier.

u) In the event that a factoring unit remains unfinanced, the buyer will pay the MSME seller outside of the TReDS.

In order to meet the requirements of various stakeholders, the TReDS should ensure to provide various types of MIS reports including intimation of total receivables position, financed and unfinanced (to sellers); intimation of outstanding position, financed and unfinanced with details of beneficiaries and beneficiary accounts to be credited (for buyers); total financed position for financiers; etc. Similarly, data on unfinanced factoring units in the market should also be made available by the TReDS. The system should also generate due date reminders to relevant parties, notifications to be issued to bankers when a factoring unit is financed, notifications to be issued to buyers once a factoring unit related to their transaction is traded in the secondary segment, etc.

RbiTtsCommonUtility

Asset Publisher

Procedural Guidelines

Date : এপ্ৰিল 01, 2018

National Electronic Funds Transfer System - Procedural Guidelines
Sl.	Subject
1	Introduction
2	Objective
3	Definitions
	a) Acceptance
	b) Bank
	c) Beneficiary
	d) Beneficiary Bank / Branch
	e) NEFT Clearing Centre
	f) NEFT SFMS message
	g) NEFT Service Centre
	h) NEFT System
	i) Execution
	j) Funds Transfer
	k) Nodal Department
	l) Notified
	m) Originator / Sender
	n) Participating Bank
	o) Payment Instruction
	p) Public Sector Bank
	q) Reserve Bank of India
	r) Security Procedure
	s) Sending / Originating Bank
	t) Settlement Account
	u) Valid Reasons of Non-payment
	v) SFMS Message
	w) Credit
	x) IFSC
4	Coverage
5	Procedure for Participation
	a) Admission
	b) Suspension
	c) Withdrawal from Participation
	d) Cancellation of Letter of Admission
6	Process Flow
	a) Request for NEFT by Bank Customer / Any Person
	b) Data Entry at the Sending Bank Branch
	c) Processing / Data Upload at Sending NEFT Service Centre
	d) Transmission / Submission of NEFT Message to the NEFT Clearing Centre
	e) Processing and Transmission of NEFT Message to the Beneficiary Banks
	f) Data Validation at the Receiving NEFT Service Centre
	g) Payment to Beneficiary
	h) Revocation of Payment Instruction
	i) Acknowledgement / Positive Confirmation by the Beneficiary Bank and Return in Case of Non-Credit
	j) Sender to be Advised in Case of Returns
	k) Beneficiary to be Advised of the Receipt of Funds
	l) Holidays
7	Inter-Bank Settlement
	a) Inter-bank Funds Settlement at Reserve Bank
	b) Finality of Settlement
	c) Settlement and Default Handling Procedure
8	Rights and Obligations
	a) General Rights and Obligations of the Sender / Originator, Participating Banks or Institutions
	b) Rights and Obligations of the Sender / Originator
	c) Rights and Obligations of the Sending Bank
	d) Obligations of the sending NEFT Service Centre
	e) Obligations of the NEFT Clearing Centre
	f) Obligations of the Receiving NEFT Service Centre
	g) Rights and Obligations of the Beneficiary Bank
9	Dispute Resolution Mechanism
10	Amendment to Procedural Guidelines
Annexures
I	NEFT-1A – Application for Participation in the NEFT System
II	NEFT-1B – NEFT System – Letter of Admission
III	NEFT-2A – NEFT Application Form
IV	Eligibility Criteria for Participation in the NEFT System
NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT) SYSTEM 1. Introduction Reserve Bank of India has introduced an electronic funds transfer system called "National Electronic Funds Transfer” System (hereinafter referred to as "NEFT System" or "NEFT" or “System”, as appropriate). A set of procedures to be followed by various stakeholders to the system are detailed in this document. 2. Objective The objective of the NEFT System is to establish an electronic funds transfer system to facilitate an efficient, secure, economical, reliable and expeditious system of funds transfer and clearing in the banking sector throughout India, and to relieve the stress on the existing paper based funds transfer and clearing system. 3. Definitions In these Procedural Guidelines, unless the context otherwise requires : (a) "Acceptance" means execution of payment instruction. (b) "Bank" means a banking company as defined in Section 5 of the Banking Regulation Act, 1949, and includes the State Bank of India, constituted by the State Bank of India Act, 1955, a subsidiary bank constituted under the State Bank of India (Subsidiary Banks) Act, 1959, a corresponding new bank under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, a co-operative bank, as defined in Section 56 of Part V of the Banking Regulation Act, 1949 (AACS) and such other banks as may be specified from time to time. (c) "Beneficiary" means the person designated as such, and to whose account payment is directed to be made in a payment instruction. (d) "Beneficiary / Destination Bank / Branch" means the branch of the bank / branch identified in a payment instruction which is maintaining the account of the beneficiary. (e) "NEFT Clearing Centre" means any office designated by the Nodal Department for receiving, processing and sending the NEFT SFMS message and the debiting and crediting of accounts of the participating banks and institutions for settlement of payment obligations or one or more of these functions. The National Clearing Cell, Reserve Bank of India, Nariman Point, Mumbai has been designated as the NEFT Clearing Centre (NCC) for purposes of the NEFT System. (f) "NEFT SFMS message" means an electronic Structured Financial Messaging Solution (SFMS) message containing a batch of NEFT payment instructions for funds transfer, processed and consolidated in the manner specified for transmission of payment instructions from NEFT Service Centre to the NEFT Clearing Centre. (g) "NEFT Service Centre" means an office or branch of a bank in a centre designated by that bank to be responsible for processing, sending or receiving NEFT SFMS message on behalf of that bank in that Centre and to do all other functions entrusted to a NEFT Service Centre by or under these guidelines. NEFT Service Centre is referred to as "Sending NEFT Service Centre" when it originates an NEFT SFMS message for funds transfer. NEFT Service Centre is referred to as "Receiving NEFT Service Centre" when it receives a NEFT SFMS message from the NEFT Clearing Centre. (h) "NEFT System" means the National Electronic Funds Transfer System established by these guidelines for carrying out inter-bank funds transfers within India (and from India to Nepal), and providing for settlement of payment obligations arising out of such funds transfers, among the participating banks. (i) "Execution" of a payment instruction in relation to a sending bank means the transmission or sending of the payment instruction by it to the NEFT Service Centre; in relation to a Service Centre it means transmission of the consolidated payment instruction in the encrypted NEFT SFMS message to the NEFT Clearing Centre. (j) "Funds Transfer" means the series of transactions beginning with the issue of originator's payment instruction to the sending bank and completed by acceptance of payment instruction by the beneficiary's bank for the purpose of making payment to the beneficiary of the instruction. (k) "Nodal Department" means the Department of Payment and Settlement Systems of Reserve Bank of India, NEFT Clearing Centre and the Mumbai Regional Office of the Reserve Bank of India which are responsible for implementation, administration and supervision of the NEFT System. (l) "Notified" means communicated electronically or in writing. (m) "Originator / Sender" means the person who issues a payment instruction to the sending bank. (n) "Participating Bank” means a bank admitted for participating in the NEFT System pursuant to Paragraph 3.1 of these Guidelines and whose Letter of Admission has not been cancelled. (o) "Payment Instruction" means an unconditional instruction issued by an originator in writing or transmitted electronically to a sending bank to effect a funds transfer for a certain sum of money expressed in Indian Rupees, to the designated account of a designated beneficiary by debiting correspondingly an account of the originator or through remittance of cash. (p) "Public Sector Bank" means State Bank of India, constituted by the State Bank of India Act, 1955, subsidiary banks constituted under the State Bank of India (Subsidiary Banks) Act, 1959, the banks constituted under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the banks constituted under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. IDBI Bank has since been classified as a Public Sector Bank. (q) "Reserve Bank of India" means the Reserve Bank of India or RBI established under the Reserve Bank of India Act, 1934 (2 of 1934). (r) "Security Procedure" means the set of procedural guidelines at Paragraphs under the Sections of these Guidelines for the purpose of : (i) verifying that a payment instruction, a communication authorising a payment instruction or a NEFT Data File is authorised by the person from whom it purports to be authorised; and (ii) detecting error in the transmission or the content of a payment instruction, a communication or a NEFT SFMS message. (s) "Sending / Originating Bank" means the branch of a bank, which receives payment instruction from its customer or any other person for transfer of funds to the account with another bank participating in NEFT. When the originator is a participating institution, reference to sending bank shall be construed as referring to the NEFT Service Centre. (t) "Settlement Account" means an account maintained by a participating bank or institution for the purpose of settlement of payment obligations under the NEFT System. (u) "Valid Reasons of Non-payment" are the reasons due to which the beneficiary bank fails to or cannot make payment to the beneficiary. Some illustrative reasons are : (i) Beneficiary not having an account with the beneficiary bank (ii) Account number indicated in the payment instruction not matching with the number as recorded at the beneficiary bank. (iii) Dislocation of work due to circumstances beyond the control of the beneficiary bank such as earthquake, fire, etc., at the place where the beneficiary's account details are maintained, etc. (iv) Any other valid reason preventing passage of the credit – such as a court order restraining operations on the Beneficiary's account. The reason shall be explicitly indicated. (v) "SFMS Message" means an electronic Structured Financial Messaging Solution (SFMS) message containing a batch of payment instructions for funds transfer, processed and consolidated in the manner specified for transmission of payment instructions and communication related thereto. (w) "Credit" means credit received by the NEFT member through the NEFT System, which has to be ultimately credited to the account of the beneficiary customer at the concerned branch of the beneficiary bank, after due verification thereof. (x) "IFSC" means Indian Financial System Code used to identify a participating bank branch in the NEFT SFMS message. 4. Coverage These procedural guidelines shall apply to all NEFT-enabled participating banks / and branches in the system as notified by Reserve Bank of India from time to time on its official website at the link http://www.rbi.org.in/Scripts/neft.aspx. 5. Procedure for Participation (i) Admission : To be eligible to apply for admission as a participating bank, an applicant – (a) shall be a bank. Regional Rural Banks (RRBs) can also participate through their sponsor bank in accordance with the guidelines issued by RBI. (b) shall be a member of the Real Time Gross Settlement (RTGS) System. (c) shall have installed SFMS. (d) shall meet the other prescribed eligibility criteria / conditions which are notified by RBI from time to time (eligibility criteria for the present is indicated in Annexure IV). Provided that, all or any of the above conditions may be relaxed or dispensed with, if so decided by the Reserve Bank of India. List of participant banks and bank-branches will be displayed on website of Reserve Bank of India under the link http://www.rbi.org.in/Scripts/neft.aspx. Any bank or institution desirous of participating in the NEFT System as a participating bank may submit to the Regional Director, Reserve Bank of India, Mumbai Regional Office, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001, duly authenticated application, containing full particulars in the form specified at Annexure I (Form : NEFT-IA). Every application shall be accompanied by an undertaking in the specified form to abide by the Procedural Guidelines in the event of admission. Letter of Admission as specified in Annexure II (Form : NEFT-IB) to every bank admitted to the NEFT System will be issued by Reserve Bank of India. (ii) Suspension : (a) If a participating bank has defaulted in meeting its settlement obligations or paying any charges or fees or complying with any procedural guideline provisions or for any reasons specified at paragraph 5(iv), the Letter of Admission issued to it is liable to be kept under suspension for such period as may be specified in the order of suspension. (b) Every order of suspension shall be notified immediately to all the participating banks and institutions including the bank or institution against which the order of suspension is passed. (c) An order of suspension may be reviewed and may be revoked at any time by the Reserve Bank of India upon representation received from the concerned bank or on its own. Every revocation shall be notified immediately to all participating banks. (d) A participating bank shall not, while any order of suspension is in force against it, be entitled to send or receive any NEFT message or otherwise to effect any funds transfer in the NEFT System. (e) Provided that a suspension shall not affect the obligations of the suspended bank or institution, whether incurred before or after the suspension. (iii) Withdrawal from Participation : (a) Any participating bank or institution may, by giving a notice of one month to the Regional Director, Reserve Bank of India, Mumbai Regional Office, withdraw from participating in NEFT System. (b) No notice under these guidelines shall be effective unless it is given in writing and before the expiry of one month from the date of receipt of notice by the Regional Director, Reserve Bank of India, Mumbai Regional Office, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001. (c) Notwithstanding its withdrawal, a bank shall discharge all its payment obligations arising out of fund transfers attributable to it, whether effected before or after the withdrawal became effective. (d) The withdrawal of any participating bank shall be notified to all the participating banks by the Regional Director, Reserve Bank of India, Mumbai Regional Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001. (iv) Cancellation of Letter of Admission : Letter of admission issued to a bank may be cancelled by the Reserve Bank on it being satisfied that such bank has – (a) defaulted in complying with any Regulations / Procedural Guidelines / admission terms and conditions / instructions issued from time to time. (b) been placed under an order of moratorium or an order prohibiting acceptance of fresh deposits or an order of winding up or in respect of which a provisional liquidator has been appointed. (c) stopped or suspended payment of its debts. (d) failed to get the order of suspension passed against it under Regulation 8(e) of the Uniform Regulations and Rules for Bankers' Clearing Houses (URRBCH) revoked within a period of three months from the date of order of suspension. (e) has conducted its transactions in the NEFT System in a manner prejudicial / detrimental to the interest, integrity or efficiency of the System. No order of cancellation shall be passed without first giving an opportunity of hearing to the bank concerned. Every order of cancellation shall be notified to the respective bank and also to all other participating banks in the NEFT System. Notwithstanding the order of cancellation of Letter of Admission passed against it, such bank shall discharge all its payment obligations arising out of the funds transfers effected in the NEFT System. 6. Process Flow The parties to a funds transfer under this NEFT System are the sending bank, the sending Service Centre, the NEFT Clearing Centre, the receiving Service Centre and the beneficiary branch. (i) Request for NEFT by a Bank Customer / Any Person (a) A bank customer (i.e. sender or originator) desirous of remitting funds under the system shall submit an "NEFT Application Form" (to be designed by the participating bank) authorising the sending bank to debit the sender's account and transfer funds to the beneficiary as specified in the Model NEFT Application Form (Annexure III). The application could be submitted either in physical form or electronically. (b) The payment instruction given by the sender / originator shall be in compliance with the provisions contained in Paragraph 8 (Rights and Obligations) of these guidelines. Banks shall ensure that the senders / originators are made aware of the rights and obligations of participants in NEFT system contained in Paragraph 8. (c) A transaction within the NEFT system will be said to have been initiated when the sending bank accepts a payment instruction issued by the sender. (d) If in a single payment instruction, the sender directs payments to several beneficiaries, each payment direction shall be treated as a separate payment instruction. (e) A bank branch may reject a customer's request for funds transfer when, in the opinion of the sending branch – the customer has not placed funds at the disposal of the sending bank; or funds placed is not adequate to cover the sum to be remitted and the service charge; or the beneficiary details given in the NEFT Application Form are not adequate to identify beneficiary by the beneficiary bank. The essential elements of beneficiary's identification are: Beneficiary's Name : Beneficiary's Branch Name : Beneficiary's Bank Name : Beneficiary's Account Type : Beneficiary's Account No. : Beneficiary's Branch IFSC : (f) The sending bank shall prominently display at its premises / on its website for the benefit of customers providing information, inter-alia, the cut-off timings up to which it shall receive the NEFT application forms from its customers for different settlements and the likely timings of the settlements by the NEFT Clearing Centre. Any payment instruction received after the cut-off time shall be included for the next available settlement either on the same NEFT day or the next NEFT day. (g) In order to facilitate cash remittances through NEFT up to ` 50,000/- for persons who are not having account with the originating bank, the originating banks are required to collect the full details of remitters, including complete address and telephone number, etc., in order to comply with the Wire Transfer Guidelines. These details need to be keyed in the Sender's details field provided in NEFT outward debit message with transaction code 50 for identification. A Special Account may need to be opened for this purpose at the originating branches to route the cash transactions and that Special Account Number should be given while originating a Cash Transaction. This account would also facilitate the handling of returned NEFT transactions. The returns would automatically be credited to the Special Account in a Straight through Processing (STP) environment. (h) In order to facilitate workers' remittances from India to Nepal for bank customers and persons not having bank accounts in India, Indo Nepal Remittance Facility Scheme has been introduced. An originator under the system shall indicate the IFSC of the Payment Systems Group, State Bank of India (SBIN0004430) as the Beneficiary Branch's IFSC No. in field no. 5569 with account number 2399468044302 and transaction type / code as 51 to identify the remittances meant for Nepal. At Nepal end, the remittances would be distributed through the branches of Nepal SBI Bank Ltd. (NSBL) or their money transfer agent, Prabhu Money Transfer Ltd., by picking up the beneficiary information from the inward message. Funds settlement will take place through the rupee account of the NSBL maintained with SBI, Mumbai Main Branch. The Procedural Guidelines for Indo-Nepal Remittance Facility Scheme available on the website of Reserve Bank of India may be referred for further details. (i) In case of payments towards Credit Card dues, customers would be required to furnish the 16 digit Credit Card Number as the Beneficiary's account number, the Beneficiary's account type as 52 and the beneficiary bank's IFSC will be the IFSC of the branch responsible for handing these card bill payments. The card issuing banks may designate a branch for accepting such payments and communicate the IFSC of the designated branch to their credit card customers. (ii) Data Entry at the Sending Bank Branch The sending bank branch shall prepare the SFMS message as and when the applications for funds transfer is received and arrange to send the message to NEFT Service Centre till the cut off time for the batch. (iii) Processing / Data Upload at Sending NEFT Service Centre The sending NEFT Service Centre shall accept the messages received from branches / customers through net banking platform if these are complete / in order and received within cut-off time or reject the same if the messages are incomplete / not confirming to the parameters specified. (iv) Transmission / Submission of NEFT Message to the NEFT Clearing Centre The sending Service Centre shall transmit the NEFT SFMS message to the NEFT Clearing Centre by using the communication network designated by Reserve Bank of India. (v) Processing and Transmission of NEFT Message to the Beneficiary Banks After consolidating all NEFT messages received from originating banks, the NEFT Clearing Centre shall process the data, arrive at fund settlement, send the fund file to Deposit Accounts Department (DAD), RBI for settlement and after settlement is over, send beneficiaries' details / data to each beneficiary bank for affording credit to the beneficiaries' accounts. Banks which have no transactions will get a batch wise 'nil' transactions report and a summary report at the end of the day indicating all inward transactions received by them during the day. NEFT messages generated for destination banks will be transmitted to the NEFT Service Centre of each beneficiary bank using SFMS. (vi) Data Validation at the Receiving NEFT Service Centre On receipt of the NEFT message, the receiving NEFT Service Centre shall process these files and forward them to the beneficiary branches using SFMS. Alternatively, the receiving NEFT Service Centre may use the Straight Through Processing (STP) interface available in SFMS and upload these NEFT messages to their internal banking solution directly, to afford the credits to the beneficiary accounts centrally. (vii) Payment to Beneficiary The beneficiary branches would make payment to the beneficiaries within two hours of batch settlement time by crediting the specified account of the beneficiary or otherwise placing funds at the disposal of the beneficiary. (viii) Revocation of Payment Instruction A payment instruction issued for execution shall become irrevocable when it is executed by the sending bank. Any revocation, after the payment instruction is executed by the sending bank shall not be binding on any other party in the NEFT system. (ix) Acknowledgement / Positive Confirmation by the Beneficiary Bank and Return in Case of Non-Credit NEFT presently functions with a Batch+2 (B+2) return cycle. The B+2 return discipline would require banks to afford credit to the beneficiaries' account immediately upon completion of a batch else return the transactions within two hours of completion of the batch settlement, if it is not possible to afford credits to the beneficiaries, for any reason. Therefore, an inward credit message which is not returned within two hours from the time at which the payment instructions are processed at NEFT Centre (B+2) is treated to have been completed and credit afforded to the beneficiary's account by the beneficiary branch. It is, therefore, vital that uneffected credits are re-transmitted back as return NEFT transactions in the immediate next batch itself. In addition to this, in order to facilitate the originator of NEFT to receive a confirmation of credit being afforded to Beneficiary's account, the originator may indicate his / her mobile number or email-id in his / her NEFT application while initiating the transaction. After successfully crediting the Beneficiary's account, the beneficiary bank will send a Credit Acknowledgement message indicating “credited to customers' account” to the originating bank through NEFT Service Centre. The originating banks after receiving the positive confirmation message from the beneficiary bank, shall initiate a mobile SMS or generate an e-mail to the originator to convey the fate of the transaction. (x) Sender to be Advised in Case of Returns If the beneficiary specified in the sender's payment instruction fails to get payment through the NEFT system for some valid reasons, the sender shall be informed immediately after the sending bank gets the returned NEFT. The sending bank shall also arrange to make payment to the sender by crediting the account of the sender or otherwise placing funds at the disposal of the sender. The originating bank shall provide the description “NEFT-Return” in the pass book / account statement of the originator whose NEFT transaction is returned. In case of returns pertaining to the outward transactions initiated by a non-customer, the initiator to be advised immediately by referring to the contact details provided, earlier, and funds to be kept at his / her disposal. (xi) Beneficiary to be Advised of the Receipt of Funds After crediting the account of the beneficiary, the beneficiary bank shall advise the beneficiary of the funds received. The Account Statement / Pass Book entry or any online messaging system shall indicate briefly the source of funds as well. For this purpose, the mandatory field 6091 which contains the remitter's name shall be picked up for the source of credit and information contained shall be printed in the Account Statement / Pass Book. Banks originating transactions shall ensure proper and meaningful details are provided in this field. Description of field 6091 is M 6091 Sending customer a/c name 50x Sender's account name (xii) Holidays NEFT will function on all the RTGS working days and the banks participating in NEFT are required to participate on all such working days. The list of holidays for RTGS / NEFT is available in the website of RBI at http://www.rbi.org.in/scripts/HolidayMatrixDisplay.aspx. 7. Inter-Bank Settlement (i) Inter-bank Funds Settlement at Reserve Bank : Every participating bank and admitted institution shall open and maintain in the NEFT Clearing Centre, Mumbai, a settlement account for settlement of payment obligations arising under the funds transfer executed under the NEFT system. (ii) Finality of Settlement : The settlement so arrived by through multilateral netting shall be final and irrevocable, in terms of section 23 of the “Payment and Settlement Systems Act, 2007” as soon as the same is determined in terms of the procedures notified by RBI. (iii) Settlement and Default Handling Procedure : Aspects relating to finality of settlement and default handling in the event of failure-to-settle situations will be in accordance with the Directive on Settlement and Default Handling Procedures issued by RBI and as duly amended from time to time. The continued eligibility of a bank to participate shall be reviewed in case of permanent default by a member bank. Default will be considered permanent if the process of recalculation provided as part of the default handling procedure is necessitated in respect of a participant bank on more than three occasions in a calendar month. The number of occasions shall be calculated separately for each multilateral and deferred net settlement system. 8. Rights and Obligations (i) General Rights and Obligations of Sender / Originator, Participating Banks or Institutions Every participating bank or institution shall maintain the security, integrity and efficiency of the System. (ii) Rights and Obligations of the Sender / Originator (a) Funds transfer instruction shall be issued by the sender / originator in a manner prescribed by the participant bank. (b) The format shall be complete and contain all requisite particulars. The sender or the originator shall be responsible for the accuracy of the particulars given in the payment instructions and special care should be taken for account number of the beneficiary, etc. (c) The sender / originator shall be bound by any payment instruction executed by the bank if the bank had executed the payment instruction in good faith and in compliance with the security procedure, provided that the sender / originator shall not be bound by any payment instruction executed by the bank, if he proves that the same was not issued by him and that it was caused either by negligence or a fraudulent act of any employee of the bank. (d) The sender / originator shall ensure availability of funds in his / her account or remit cash while issuing the payment instruction to his / her bank. (e) The payment instruction shall become irrevocable once it is executed by the bank. The bank is not bound by any notice of revocation unless it is not in compliance with the security procedure. (f) In the event of any delay or loss on account of error, negligence or fraud on the part of an employee of the beneficiary bank in the completion of funds transfer pursuant to receipt of payment instruction by the beneficiary bank leading to delayed payment to the beneficiary, the beneficiary bank shall pay compensation (at current RBI LAF Repo Rate plus two percent) for the period of delay. In the event of delay in return of funds transfer instruction for any reason whatsoever, the beneficiary bank shall refund the amount together with interest (at current RBI LAF Repo Rate plus two percent) till the date of refund. (g) During the NEFT operating hours, originating banks shall endeavour to put through the request for NEFT transactions received by them, either online or across the counters, preferably in the next available batch, but, in any case, not exceeding two hours from the time of receipt of requests. In the likelihood of any delay / possible delay in adhering to this requirement, the sender / originator shall be informed of the delay / possible delay and the reasons for the same. (h) Customers can complain to the Banking Ombudsman if the complaint is not resolved to his / her satisfaction within thirty days. (iii) Rights and Obligations of Sending Bank (a) The Bank shall execute a payment instruction issued by the customer, after due verification with reference to the security procedure for its authenticity, unless – the funds available in the account of the sender / originator is not adequate to comply with the payment instruction. the payment instruction is incomplete or it is not issued in the prescribed form. the payment instruction cannot be executed on account of court order / attachment, etc. the bank has reason to believe that the payment instruction is issued to carry out an unlawful transaction the payment instruction cannot be executed under the NEFT System. (b) No payment instruction issued by the sender / originator shall be binding on the sending bank until the bank has accepted it. The onus of ensuring credits to the Non Resident External (NRE) account, comply with the extant Foreign Exchange Management Act (FEMA) Regulations and the Wire Transfer Guidelines rest with the sending bank. The sending bank shall therefore ensure that such remittances are eligible to be credited to NRE accounts in India under the said Act and guidelines. In such cases, the account type number 40 is to be used to enable the beneficiary bank to identify that the funds proposed to be credited to the beneficiaries' account represent foreign inward remittance / eligible to be remitted abroad. (c) The sending bank shall not execute a payment instruction without complying with the security procedure. (d) If the funds transfer is not complete before end of the particular NEFT batch timing as specified by the customer, the bank shall advise the customer. (e) No payment instruction shall be accepted for execution in the NEFT System, if the beneficiary's bank / branch is not a participating bank or institution. (f) The sending bank shall be responsible for the accuracy of the transaction as furnished / originated by the sender. (g) The sending bank shall not be entitled to bind any other participants in the NEFT System with any "special circumstances" attached to a payment instruction accepted by it. (h) The sending bank shall maintain record of all payment instructions executed by it for a period of ten years in terms of instructions issued by RBI under the PSS Act, 2007 on the preservation of information / data / record pertaining to payment system applications. (i) The sending bank shall, upon completion of funds transfer of a payment instruction, furnish to the originator on request by him, a duly authenticated record of the transaction. (j) The participating banks shall reconcile the transactions on a daily basis with reference to the settlements / settlement details made available by the NEFT centre and the bank account details by RBI, DAD, Mumbai. (iv) Obligations of the Sending NEFT Service Centre (a) The sending NEFT Service Centre shall be responsible for the accuracy of the contents of the NEFT SFMS message and the authenticity of the payment instructions contained therein as received by the NEFT Centre, in compliance with the security procedure. (b) The sending NEFT Service Centre of a bank shall be responsible for settlement of all payment obligations in regard to payment instructions executed by the branches of the bank, compliance to the security procedure and adherence to the prescribed time schedules for such settlements. (c) The sending NEFT Service Centre shall ensure, before execution of any NEFT SFMS message that the balance in its settlement account is adequate to cover its settlement obligation and ensure that the ceiling, if any, specified for it is not exceeded and the requirement of collateral if specified by the Nodal Department is adequate for execution of the NEFT SFMS message originated by it. (d) The sending NEFT Service Centre shall generate, dispatch and maintain records of transaction in accordance with procedure specified. (e) The sending bank's Service Centre shall set up a Customer Facilitation Centre (CFC). The CFC shall ensure that complaints received from customers are resolved promptly. It would be the responsibility of the participating banks to ensure that all the transactions originated have been reflected in their account as also the transaction details have been received for all credits received by them in their current account. Such a mechanism would ensure reconciliation of daily batch-wise NEFT outward and inward transactions with that of the final settlement details. Mismatch, if any, shall be investigated and promptly followed up with the NEFT Clearing Centre. (v) Obligations of NEFT Clearing Centre The NEFT Clearing Centre shall comply with the time schedule, process and sort the SFMS messages bank-wise and after debiting / crediting the settlement accounts with the corresponding value, transmit the NEFT SFMS messages to the respective receiving NEFT Service Centres. The NEFT Clearing Centre shall generate, dispatch and maintain records of transactions. The Clearing Centre shall maintain record of all payment instructions processed by it for a period of ten years in terms of guidelines issued by RBI under the Payment and Settlement Systems Act on preservation of information / data / record pertaining to payment system applications. (vi) Obligations of the Receiving NEFT Service Centre (a) The Receiving NEFT Service Centre shall be responsible for receiving NEFT SFMS message from the NEFT Clearing Centre in accordance with procedure and time schedules specified. (b) The Receiving NEFT Service Centre shall process the NEFT SFMS message in compliance with the SFMS procedure and sort the payment instructions into branch-wise lots and transmit to the respective branches for execution in accordance with the time schedule. Alternatively, the Receiving NEFT Service Centre may use the Straight Through Processing (STP) interface available in SFMS and upload these NEFT messages to their internal banking solution directly, to afford the credits to the beneficiaries account centrally. (c) The Receiving NEFT Service Centre shall generate, dispatch and maintain records of transactions. It would be the responsibility of the participating banks to ensure that all the transactions originated have been reflected in their account as also the transaction details have been received for all credits received by them in their current account. Such a mechanism would ensure reconciliation of daily batch-wise NEFT outward and inward transactions with that of the final settlement details. Mismatch, if any, shall be investigated and promptly followed up with the NEFT Clearing Centre (vii) Rights and Obligation of Beneficiary Bank (a) The beneficiary bank shall execute the payment instruction within two hours of batch settlement (B+2) on the NEFT working day unless it notices one or more of the following deficiencies – The beneficiary bank has no such account number as mentioned in the payment instructions. The beneficiary bank is bound by instructions of the beneficiary not to give or receive any credit to the account. No credit could be afforded to the Beneficiary's account for any other reasons. (b) The beneficiary bank may reject a payment instruction on one or more of the grounds mentioned above. The beneficiary bank shall return the funds and the reasons for the return as per the NEFT procedure, specified in Paragraph 6 (ix) of these guidelines to the sending bank. (c) The beneficiary branches would make payment to the beneficiaries within two hours of batch settlement time by crediting the specified account of the beneficiary or otherwise placing funds at the disposal of the beneficiary. For any delay, beneficiary bank is liable to pay penalty (at the rate RBI LAF Repo rate plus two percent). Payment of penal interest shall be made to customer even if no claim is lodged by the customer to that effect. (d) The receiving bank shall maintain the record of all payment instructions received by it for a period of ten years in terms of guidelines issued by RBI under the Payment and Settlement Systems Act on preservation of information / data / record pertaining to payment system applications. (e) Banking Ombudsmen under the RBI's Banking Ombudsman Scheme, 2006 will have jurisdiction in case the customers' complaints are not resolved within thirty days. 9. Service Charges The service charges to be levied by the originating banks would be in terms of the instructions issued from time to time under the framework of charges to be levied by the banks for offering various electronic products There are no processing charges levied by the NEFT Clearing Centre up to March 31, 2011. The same would be reviewed periodically. The RBI may, if it so desires in future, decide to levy any other charge / fee as also the quantum thereof. Beneficiary Banks would not claim service charge for passing on the credit to the beneficiaries. 10. Dispute Resolution Mechanism The mechanism for resolution of disputes will be in accordance with the Directive on Dispute Resolution Mechanism issued by RBI and as duly amended from time to time. 11. Amendment to Procedural Guidelines The Procedural Guidelines can be amended only by RBI. RBI may also, by issuance of a circular, amend the procedure. ANNEXURE I Form NEFT-1A Ref. No.... . . . . . .. .. .. . Date The Regional Director Reserve Bank of India Mumbai Regional Office Shahid Bhagat Singh Marg Fort, Mumbai – 400 001 Madam / Dear Sir, Application for participation in NEFT System Our bank requests Reserve Bank of India's approval for participation in the NEFT System and agrees to abide by the Procedural Guidelines for the NEFT System. Our bank satisfies the eligibility criteria devised in paragraph 5 (i) and Annexure IV of the NEFT Procedural Guidelines and documentary evidence in support of that are attached herewith for your perusal. In the event of being admitted to the System, we would comply with the technical and operational requirements of the NEFT System and would meet the settlement obligations from our account/s maintained with Reserve Bank of India. (.........................................................................) Signature with name, designation and seal of the applicant Place : Enclosures : As stated above No. of Core Banking-enabled branches that can participate in NEFT : ANNEXURE II Form NEFT-1B Reserve Bank of India Mumbai Regional Office Shahid Bhagat Singh Marg Fort, Mumbai – 400 001 NEFT System – Letter of Admission Reference No. Date : To ................................... Madam / Dear Sir, Please refer to your application no…………………..dated .........................for participation in the NEFT System. It is advised that your bank has been admitted for participation in the NEFT system with effect from . . . . . . . You are required to comply with the technical and operational requirements as indicated in the Procedural Guidelines for NEFT System and confirm your readiness latest by ……….. . . (.........................................................................) for Regional Director

Annexure III

Form NEFT-2A

Conditions for transfer of funds through NEFT

1. I / We have checked the funds transfer instructions / particulars given in the application and I / We shall be liable to compensate the Bank for any loss arising on account of any error in payment order / amendment / cancellation thereto.

2. I / We understand that the messages given after cut-off time will be sent only on the next batch / working day.

3. The transfer is effected for legitimate personal / business needs.

4. I / We shall ensure availability of funds properly applicable to the payment order before execution of the payment order by the bank and understand that if the bank executes the transfer order without properly applicable funds being available in my account, I / We shall be bound to pay to the bank the amount debited to my account together with charges including interest payable to the bank provided the transfer was effected as per my order.

5. I / We understand that in case the payee branch does not have NEFT facility, the funds will be credited back to my / our account as and when it is returned by the beneficiary bank.

6. I / We agree that in the event of any delay in the completion of the funds transfer or any loss on account of error in the execution of the funds transfer pursuant to my / our payment order, the bank's liability shall be limited to the extent of the amount involved in the funds transfer plus interest (at the RBI LAF Repo rate plus two percent) for any period of delay.

7. I / We also agree to abide with all the other terms and conditions contained in the model agreements / application forms or other terms / rules / regulations governing NEFT transactions as enumerated by RBI.

(Signature of the Applicant)

Date :

Annexure IV Eligibility Criteria for Participation in NEFT System
Sl. No.	Category of banks	Access to NEFT
1.	Scheduled Commercial Banks (excluding Regional Rural Banks and Local Area Banks)	Type A Membership of RTGS subject to • CRAR 9% • Net NPAs less than 10% • No default in maintenance of CRR and SLR during the past one year • Net profit in at least one of the preceding two years; and • Minimum net - worth of ` 50 crore
2.	State Co-operative Banks	Type A Membership of RTGS subject to • No default in maintenance of CRR and SLR during the past one year; and • Minimum net -worth of `. 50 crore
3.	District Central Co-operative Banks	Type A Membership of RTGS subject to • No default in maintenance of CRR and SLR during the past one year; and • Minimum net - worth of ` . 50 crore
4.	Regional Rural Banks	Type A Membership of RTGS subject to • No default in maintenance of CRR and SLR during the past one year; and • Minimum net - worth of ` . 50 crore
5.	Local Area Banks	Type A Membership of RTGS subject to • CRAR 9% • Net NPAs less than 10% • No default in maintenance of CRR and SLR during the past one year • Net profit in at least one of the preceding two years; and • Minimum net - worth of ` . 50 crore
6.	Scheduled Urban Co-operative Banks	Type A Membership of RTGS subject to • CRAR 9% • Net NPAs less than 10% • No default in maintenance of CRR and SLR during the past one year • Net profit in at least one of the preceding two years; and • Minimum net - worth of ` . 50 crore
7.	Non-Scheduled Urban Cooperative Banks	Type A Membership of RTGS subject to • CRAR 9% • Net NPAs less than 10% • No default in maintenance of CRR and SLR during the past one year • Net profit in at least one of the preceding two years; and • Minimum net - worth of ` . 50 crore
8.	Banks in category 1, and 3-7 not complying with the requirements	No access
9.	Unlicensed banks (other than unlicensed State Co-operative Banks and District Central Co-operative Banks)	No access

RbiTtsCommonUtility

Ahmedabad Mercantile Cooperative Bank

Abhyudaya Cooperative Bank

List of Banks Permitted to Provide Mobile Banking Service in India

পিডিএফ (487 KB)

UPDATED: আগ 29, 2024

List of Banks permitted to provide Mobile Banking Service in India – Position as on August 29, 2023
Sl. No.	Name of the bank
1.	510 Army Base Workshop Credit Co-operative Primary Bank Ltd.
2.	Abhyudaya Co-operative Bank Limited
3.	Abhinandan Urban Co-operative Bank Limited
4.	ACE Co-operative Bank Ltd.
5.	Adarniya P. D. Patilsaheb Sahakari Bank Limited
6.	Adarsh Co-operative Bank Limited
7.	Adarsh Mahila Nagari Sahakari Bank Limited
8.	Ahmednagar Merchants Co-operative Bank Limited
9.	Ahmednagar Shahar Sahakari Bank Maryadit
10.	Airtel Payments Bank Limited
11.	Ajantha Urban Co-operative Bank Limited
12.	Akhand Aanand Co-operative Bank Limited
13.	Alavi Co-op. Bank Ltd.
14.	Allahabad UP Gramin Bank
15.	Aman Sahakari Bank Ltd.
16.	Amarnath Co-operative Bank Limited
17.	Ambajogai Peoples Co-operative Bank Limited
18.	Ambarnath Jai-Hind Co-operative Bank Limited
19.	American Express Banking Corporation
20.	Amreli Jilla Madhyastha Sahakari Bank Limited
21.	Amreli Nagarik Sahakari Bank Ltd.
22.	Andhra Pradesh Grameena Vikas Bank
23.	Andhra Pragathi Grameena Bank
24.	A P Mahesh Co-operative Urban Bank Limited
25.	Apna Sahakari Bank Limited
26.	Appasaheb Birnale Sahakari Bank Ltd.
27.	Arihant Urban Co-operative Bank Ltd.
28.	Arunachal Pradesh Rural Bank
29.	Arvind Sahakari Bank Ltd.
30.	Aryavart Bank
31.	Assam Gramin Vikash Bank
32.	Associate Co-operative Bank Limited, Surat
33.	Astha Mahila Nagrik Sahakari Bank Maryadit
34.	Au Small Finance Bank Limited
35.	Axis Bank Limited
36.	Balasinor Nagarik Sahkari Bank Limited
37.	Balitikuri Cooperative Bank Ltd.
38.	Balotra Urban Co-operative Bank Limited
39.	Balusseri Co-op. Urban Bank Ltd.
40.	Bandhan Bank Limited
41.	Bank of America NA
42.	Bank of Bahrain & Kuwait B.S.C.
43.	Bank of Baroda^µ
44.	Bank of India
45.	Bank of Maharashtra
46.	Bangiya Gramin Vikash Bank
47.	Baran Nagrik Sahkari Bank Limited, Baran
48.	Barclays Bank PLC
49.	Baroda Gujarat Gramin Bank^ƛ
50.	Baroda Rajasthan Kshetriya Gramin Bank
51.	Baroda Uttar Pradesh Gramin Bank
52.	Bassein Catholic Co-operative Bank Limited
53.	Bellad-Bagewadi Urban Souharda Sahakari Bank Nyt.
54.	Betul Nagrik Sahakari Bank Maryadit
55.	Bhadradri Co-operative Urban Bank
56.	Bhagini Nivedita Sahakari Bank Limited
57.	Bhausaheb Sahakari Bank Ltd.
58.	Bhausaheb Birajdar Urban Co-operative Bank Limited
59.	Bhavani Urban Co-operative Bank Ltd.
60.	Bhilwara Urban Co-operative Bank Limited
61.	BNP Paribas
62.	Bombay Mercantile Co-operative Bank Ltd.
63.	Brahmadeodada Mane Sahakari Bank Ltd.
64.	Capital Local Area Bank Limited
65.	Canara Bank^Ω
66.	Catholic Syrian Bank Limited
67.	Central Bank of India
68.	Chaitanya Godavari Grameena Bank
69.	Chaitanya Mahila Sahakari Bank Ltd.
70.	Chartered Sahakari Bank Niyamitha
71.	Cherpalcheri Co-op. Urban Bank Ltd.
72.	Chhattisgarh Rajya Gramin Bank
73.	Chhattisgarh Rajya Sahakari Bank Marayadit
74.	Chiplun Urban Co-operative Bank Ltd.
75.	Chittorgarh Urban Co-operative Bank Limited
76.	Citi Bank N.A.
77.	Citizens Co-operative Bank Limited, Noida
78.	Citizen Credit Co-operative Bank Limited
79.	City Union Bank Limited
80.	Coastal Local Area Bank Limited
81.	Colour Merchants’ Co-operative Bank Ltd.
82.	Col RD Nikam Sainik Sahakari Bank Ltd.
83.	Contai Co-operative Bank Ltd.
84.	Daivadnya Sahakara Bank Niyamit
85.	Dakshin Bihar Gramin Bank^€
86.	Dapoli Urban Co-operative Bank Limited
87.	Dattatray Maharaj Kalambe Jaoli Sahakari Bank
88.	Dausa Urban Co-operative Bank Ltd
89.	Davangere District Central Co-operative Bank Ltd.
90.	DBS Bank India Limited
91.	DCB Bank Limited
92.	Deendayal Nagari Sahakari Bank Limited
93.	Deogiri Nagari Sahakari Bank Ltd., Aurangabad
94.	Deutsche Bank AG
95.	Development Co-operative Bank Ltd.
96.	Dhanera Mercantile Co-operative Bank Limited
97.	Dhule Vikas Sahakari Bank Limited
98.	Doha Bank QSC
99.	Dr.Annasaheb Chougule Urban Co-op. Bank Limited
100.	Dr. Appasaheb Urf Sa. Re. Patil Jaysingpur-Udgaon Sahakari Bank Limited
101.	D. T. Patil Co-operative Bank Ltd.
102.	Durgapur Steel Peoples Co-operative Bank Limited
103.	Eluru Co-operative Urban Bank Ltd.
104.	Equitas Small Finance Bank Limited
105.	ESAF Small Finance Bank Limited
106.	Excellent Co-operative Bank Ltd.
107.	Fincare Small Finance Bank Limited
108.	Fingrowth Co-operative Bank Limited
109.	Fino Payments Bank Limited
110.	Gautam Sahakari Bank Ltd.
111.	Gayatri Co-operative Urban Bank Limited
112.	Godavari Urban Co-operative Bank Ltd., Nashik
113.	Gondal Nagrik Sahkari Bank Ltd.
114.	GP Parsik Sahakari Bank Ltd., Kalwa, Thane
115.	Guardian Souharda Sahakari Bank Niyamita
116.	Gujarat Ambuja Co-operative Bank Limited
117.	Hadagali Urban Co-operative Bank Ltd.
118.	Haveli Sahakari Bank Maryadit
119.	HDFC Bank Limited
120.	Himachal Pradesh Gramin Bank
121.	Himatnagar Nagarik Sahakari Bank Limited
122.	Hooghly District Central Co-operative Bank Ltd.
123.	Hutatma Sahakari Bank Limited
124.	ICICI Bank Limited
125.	IDBI Bank Limited
126.	IDFC FIRST Bank Limited
127.	Idukki District Co-operative Bank
128.	India Post Payments Bank Limited
129.	Indian Bank^ℼ
130.	Indian Overseas Bank
131.	Indore Cloth Market Co-op. Bank Ltd.
132.	Indore Paraspar Sahakari Bank Limited
133.	Indore Premier Co-operative Bank Limited
134.	Indraprastha Sehkari Bank Limited
135.	Indrayani Co-op. Bank Ltd.
136.	IndusInd Bank Limited
137.	Irinjalakuda Town Co-operative Bank Limited
138.	J & K Grameen Bank
139.	Jalgaon Janata Sahakari Bank
140.	Jalna Merchants Co-operative Bank Limited
141.	Jalore Nagrik Sahakari Bank Limited
142.	Jamia Co-operative Bank Ltd.
143.	Jammu & Kashmir Bank Limited
144.	Jampeta Co-operative Urban Bank Limited
145.	Jana Small Finance Bank Limited
146.	Janakalyan Sahakari Bank Limited
147.	Jankalyan Urban Co-operative Bank Ltd.
148.	Janaseva Sahakari Bank Limited
149.	Janata Co-op. Bank Ltd.
150.	Janata Sahakari Bank Limited, Ajara
151.	Janata Sahakari Bank Limited, Pune
152.	Janatha Seva Co-operative Bank Limited
153.	Jayprakash Narayan Nagari Sahakari Bank Limited
154.	Jharkhand Rajya Gramin Bank
155.	Jijamata Mahila Sahakari Bank Limited
156.	Jila Sahakari Kendriya Bank Maryadit, Ambikapur
157.	Jila Sahakari Kendriya Bank Mydt., Durg
158.	Jila Sahakari Kendriya Bank Maryadit, Jagdalpur
159.	Jila Sahakari Kendriya Bank Maryadit, Khargone
160.	Jila Sahakari Kendriya Bank Maryadit, Raipur
161.	Jila Sahakari Kendriya Bank Maryadit, Rajnandgaon
162.	Jila Sahakari Kendriya Bank Mydt., Vidisha
163.	Jio Payments Bank Limited
164.	Jivan Commercial Co-operative Bank Limited
165.	Jodhpur Nagrik Sahakari Bank Limited
166.	Jogindra Central Cooperative Bank Ltd.
167.	JP Morgan Chase Bank NA
168.	Jugalkishore Tapdiya Shree Mahesh Urban Co-operative Bank
169.	Kallappanna Awade Ichalkaranji Janata Sahakari Bank Limited
170.	Kangra Co-operative Bank
171.	Kankaria Maninagar Nagrik Sahakari Bank Limited
172.	Kannur District Co-operative Bank Limited
173.	Karnataka Bank Limited
174.	Karnataka Gramin Bank^*
175.	Karnataka Mahila Sahakara Bank Niyamitha
176.	Karnataka Vikas Grameena Bank
177.	Karur Vysya Bank Limited
178.	Kashi Gomti Samyut Gramin Bank
179.	Kashmir Mercantile Co-operative Bank Limited
180.	Kerala Gramin Bank^@
181.	Khattri Co-operative Urban Bank Ltd.
182.	Khardah Co-operative Bank Ltd.
183.	Koilkuntla Co-operative Bank Ltd.
184.	Kolhapur District Central Co-operative Bank Limited
185.	Kolhapur Mahila Sahakari Bank Limited
186.	Kota Nagrik Sahkari Bank Limited
187.	Kotak Mahindra Bank Limited^©
188.	Kottayam Co-operative Urban Bank Limited
189.	Koyana Sahakari Bank Ltd.
190.	Krishna Bhima Samruddhi Local Area Bank Limited
191.	Krishna District Co-operative Central Bank Ltd.
192.	Krishna Mercantile Co-op. Bank Ltd.
193.	Lakhimpur Urban Co-operative Bank Limited
194.	Langpi Dehangi Rural Bank
195.	Laxmi Mahila Nagarik Sahakari Bank Maryadit
196.	Laxmi Urban Co-operative Bank Ltd.
197.	L.I.C. Employees' Co-operative Bank Ltd.
198.	Liluah Co-operative Bank Ltd.
199.	Lokmangal Co-operative Bank Limited
200.	Loknete Dattaji Patil Sahakari Bank Limited
201.	Lokvikas Nagari Sahakari Bank Ltd.
202.	Lonawala Sahakari Bank Maryadit
203.	Mahalakshmi Co-operative Bank Limited
204.	Mahanagar Nagarik Sahakari Bank Maryadit
205.	Maharashtra Gramin Bank
206.	Maharashtra Nagari Sahakari Bank Ltd.
207.	Mahatma Fule Urban Co-operative Bank Limited
208.	Mahaveer Co-operative Urban Bank Limited
209.	Mahesh Urban Co-op. Bank Ltd.
210.	Mahesh Urban Co-op. Bank Ltd., Ahmedpur
211.	Makarpura Industrial Estate Co-op Bank Ltd.
212.	Malda District Central Co-operative Bank Ltd.
213.	Malviya Urban Co-operative Bank Limited
214.	Manipur Rural Bank
215.	Mann Deshi Mahila Sahkari Bank Limited
216.	Mansing Co-operative Bank Limited
217.	Manvi Pattana Souharda Sahakari Bank Niyamitha
218.	Mahesh Sahakari Bank Limited
219.	Mahila Nagrik Sahakari Bank Maryadit, Mahasamund
220.	Manwath Urban Co-op. Bank Ltd.
221.	Maratha Co-operative Bank Limited, Belgaum
222.	Meghalaya Rural Bank
223.	Mehsana District Central Co-operative Bank Ltd.
224.	Merchants' Co-operative Bank Ltd., Tiptur
225.	Merchant's Liberal Co-op. Bank Ltd.
226.	Mizoram Cooperative Apex Bank Ltd.
227.	Mizoram Rural Bank
228.	Model Co-operative Bank Limited
229.	M. P. Rajya Sahakari Bank Maryadit
230.	M.S. Co-operative Bank Limited
231.	Mugberia Central Co-operative Bank Ltd.
232.	Muzaffarnagar District Co-operative Bank Ltd.
233.	Nadia District Central Co-operative Bank Ltd.
234.	Nagarik Sahakari Bank Maryadit, Durg
235.	Nagarik Sahakari Bank Maryadit, Gwalior
236.	Nagarik Sahakari Bank Maryadit, Vidisha
237.	Nandani Sahakari Bank Ltd.
238.	Narmada Jhabua Gramin Bank^£
239.	Nashik Zilha Sarkari and Parishad Karmachari Sahakari Bank Niyamit
240.	Nasik Road Devlali Vyapari Sahakari Bank Ltd.
241.	Navanagara Urban Co-operative Bank Ltd.
242.	Navi Mumbai Co-operative Bank Limited
243.	Navsarjan Industrial Co-operative Bank Limited
244.	New India Co-operative Bank Ltd.
245.	Nidhi Co-operative Bank Ltd.
246.	Nilambur Co-operative Urban Bank Limited
247.	NKGSB Co-operative Bank Limited
248.	North East Small Finance Bank Limited
249.	Northern Railway Multi State Primary Co-operative Bank Ltd.
250.	NSDL Payments Bank Limited
251.	Nutan Nagarik Sahakari Bank Limited
252.	Omprakash Deora People’s Co-operative Bank Ltd.
253.	Pali Urban Co-operative Bank Limited
254.	Pallavan Grama Bank
255.	Palus Sahakari Bank Limited
256.	Pandyan Grama Bank
257.	Paschim Banga Gramin Bank
258.	Patan Nagrik Sahakari Bank Limited
259.	Pavana Sahakari Bank Limited
260.	Paytm Payments Bank Limited
261.	People's Co-operative Bank Limited, Dholka
262.	Pochampally Co-operative Urban Bank Limited
263.	Poornawadi Nagrik Sahakari Bank Maryadit
264.	Porbandar Commercial Co-operative Bank Ltd.
265.	Pragati Sahakari Bank Limited
266.	Prathama Bank
267.	Prathamik Shikshak Sahakari Bank Ltd.
268.	Prerana Co-operative Bank Limited, Pune
269.	Prime Co-operative Bank Limited
270.	Priyadarshani Nagari Sahakari Bank Maryadit
271.	Priyadarshani Urban Co-operative Bank
272.	Progressive Mercantile Co-op. Bank Ltd.
273.	Puduvai Bharthiar Grama Bank
274.	Pune Cantonment Sahakari Bank Limited
275.	Pune District Central Co-operative Bank Limited
276.	Pune People’s Co-operative Bank Limited
277.	Pune Urban Co-operative Bank Ltd.
278.	Punjab Gramin Bank^¥
279.	Punjab National Bank^α
280.	Punjab & Maharashtra Co-operative Bank Limited
281.	Punjab & Sind Bank
282.	Purvanchal Bank
283.	Pusad Urban Co-operative Bank Limited
284.	Raigad District Central Co-operative Bank Limited
285.	Rajapur Urban Co-operative Bank Limited
286.	Rajarambapu Sahakari Bank Limited
287.	Rajarshi Shahu Sahakari Bank Limited
288.	Rajasthan Marudhara Gramin Bank
289.	Rajadhani Co-op. Urban Bank Ltd.
290.	Raje Vikramsinh Ghatge Co-op. Bank Ltd.
291.	Rajgurunagar Sahakari Bank Limited
292.	Rajkot Nagarik Sahakari Bank Limited
293.	Rajkot Peoples Co-operative Bank Limited
294.	Rajlaxmi Urban Co-operative Bank Ltd.
295.	Rampur Zila Sahakari Bank Ltd.
296.	Ramrajya Sahakari Bank Limited
297.	Rani Channamma Mahila Sahakari Bank Niyamit, Belagavi
298.	Ratnagiri District Central Co-operative Bank Ltd.
299.	RBL Bank Limited
300.	Reserve Bank Employees’ Co-operative Bank Limited
301.	Sadalga Urban Souharda Sahakari Bank Niyamit
302.	Sadhana Sahakari Bank Limited
303.	Sadhana Sahakari Bank Limited, Nagpur
304.	Saibaba Nagari Sahakari Bank Maryadit
305.	Sahakarmaharshi Bhausaheb Thorat Amrutvahini Sahakari Bank Ltd
306.	Samarth Sahakari Bank Limited
307.	Samarth Sahakari Bank Maryadit, Jalna
308.	Samata Sahakari Bank Limited
309.	Samata Co-operative Development Bank Ltd.
310.	Sampada Sahakari Bank Limited, Pune
311.	Samruddhi Co-operative Bank Limited
312.	Sandur Pattana Souharda Sahakari Bank Niyamitha
313.	Sanmitra Mahila Nagarik Sahakari Bank Maryadit
314.	Sant Sopankaka Sahakari Bank Limited
315.	Saptagiri Grameena Bank
316.	Sarakari Naukarara Sahakari Bank Niyamit
317.	Saraspur Nagarik Co-operative Bank Limited
318.	Sardargunj Mercantile Co-operative Bank Limited, Anand
319.	Sardargunj Mercantile Co-operative Bank Limited, Patan
320.	Sardar Singh Nagarik Sahakari Bank Maryadit
321.	Sardar Vallabhbhai Sahakari Bank Limited
322.	Sarva Haryana Gramin Bank
323.	Sarva U P Gramin Bank
324.	Sarvodaya Commercial Co-operative Bank Limited
325.	Saurashtra Gamin Bank
326.	Sharad Sahakari Bank Limited
327.	SBM Bank (India) Ltd.
328.	Shinhan Bank
329.	Shivajirao Bhosale Sahakari Bank Limited
330.	Shivalik Small Finance Bank Limited
331.	Shramik Nagrik Sahakari Bank Ltd.
332.	Shree Balaji Urban Co-operative Bank Ltd.
333.	Shree Basaveshwar Urban Co-op Bank Ltd.
334.	Shree Dharati Co-operative Bank Limited
335.	Shree Kadi Nagarik Sahakari Bank Limited
336.	Shree Mahalaxmi Urban Co-op. Credit Bank Ltd. , Gokak
337.	Shree Mahavir Sahakari Bank Limited, Jalgaon
338.	Shree Mahayogi Lakshmamma Co-op Bank Limited
339.	Shree Mahesh Co-op. Bank Ltd.
340.	Shree Mahuva Nagrik Sahakari Bank Limited
341.	Shree Panchganga Nagari Sahakari Bank Limited
342.	Shree Sharada Sahakari Bank Limited
343.	Shree Talaja Nagrik Sahakari Bank Ltd.
344.	Shree Vardhaman Sahakari Bank Ltd.
345.	Shree Warana Sahakari Bank Limited
346.	Shri Adinath Co-operative Bank Limited, Ichalkaranji
347.	Shri Anand Nagari Sahakari Bank Limited
348.	Shri Arihant Co-operative Bank Limited
349.	Shri Basaveshwar Sahakari Bank Niyamith, Bagalkot
350.	Shri Bharat Urban Co-operative Bank Limited
351.	Shri Chatrapati Shivaji Maharaj Sahakari Bank Niyamith
352.	Shri Chhani Nagrik Sahkari Bank Ltd.
353.	Shri Chhatrapati Rajarshi Shahu Urban Co-operative Bank Limited
354.	Shri Durgadevi Mahila Sahakari Bank Niyamith
355.	Shri Gajanan Maharaj Urban Co-operative Bank Ltd.
356.	Shri Gajanan Nagari Sahakari Bank Ltd.
357.	Shri Janata Sahakari Bank Limited, Halol
358.	Shrikrishna Co-op. Bank Ltd.
359.	Shri Laxmikrupa Urban Co-operative Bank Limited
360.	Shri Mahalaxmi Co-operative Bank Limited
361.	Shri Mahila Sewa Sahakari Bank Limited
362.	Shriram Urban Co-operative Bank Ltd.
363.	Shri Rajkot District Co-operative Bank Limited
364.	Shri Rukmini Sahakari Bank Ltd.
365.	Shri Shivayogi Murughendra Swami Urban Co-operative Bank Ltd.
366.	Shri Shiveshwar Nagari Sahakari Bank Limited
367.	Shri Swami Samarth Sahakari Bank Ltd.
368.	Shri Veershaiv Co-operative Bank Limited
369.	Shri Yashwant Sahakari Bank Maryadit, Kuditre (Kumbhi-Kasari)
370.	Shushruti Souharda Sahakara Bank Niyamita
371.	Siddheshwar Urban Co-operative Bank Maryadit
372.	Sihor Mercantile Co-operative Bank Ltd.
373.	Sikar Kendriya Sahakari Bank Ltd.
374.	Sindhudurg District Central Co-operative Bank Limited
375.	Smriti Nagrik Sahakari Bank Maryadit, Mandsaur
376.	Societe Generale
377.	Sonbhadra Nagar Sahakari Bank
378.	South Indian Bank Limited
379.	Sree Charan Souhardha Co-operative Bank Limited
380.	Sreenidhi Souharda Sahakari Bank Niyamitha
381.	Sree Thyagaraja Co-operative Bank Ltd.
382.	Sri Channabasavaswamy Souhardha Sahakari Bank Niyamit
383.	Sri Ganapathi Urban Co-op Bank Ltd.
384.	Sri Ganesh Co-operative Bank Ltd.
385.	Sri Gokarnanath Co-operative Bank Limited
386.	Sri Potti Sri Ramulu Nellore District Co-operative Central Bank Limited
387.	Sri Rama Co-operative Bank Limited
388.	Sriramanagar Pattana Sahakara Bank Niyamit
389.	Sri Seetharaghava Souharda Sahakara Bank Niyamitha
390.	Sri Sudha Co-operative Bank Ltd.
391.	Sri Vasavamba Co-operative Bank Limited
392.	Standard Chartered Bank
393.	Standard Urban Co-op. Bank (Aurangabad) Ltd.
394.	Sterling Urban Co-operative Bank Limited
395.	State Bank of India^#$
396.	SUCO Souharda Sahakari Bank Limited
397.	Sudha Co-operative Urban Bank Limited
398.	Sumerpur Mercantile Urban Co-operative Bank Limited
399.	Sundarlal Sawji Urban Co-operative Bank Limited
400.	Surat National Co-operative Bank Limited
401.	Suryoday Small Finance Bank Limited
402.	Suvarnayug Sahakari Bank Ltd
403.	SVC Co-operative Bank Limited
404.	Swatantrya Senani Late Shripal Alase (Kaka) Kurundwad Urban Co-operative Bank Limited
405.	Tamilnad Mercantile Bank Limited
406.	Tamilnadu Grama Bank
407.	Tamluk-Ghatal Central Co-operative Bank Ltd.
408.	Thane Bharat Sahakari Bank Limited
409.	Teacher’s Co-operative Bank Ltd.
410.	Telangana Grameena Bank
411.	Telangana State Co-operative Bank Limited
412.	Textile Co-operative Bank Ltd.
413.	Textile Traders Co-operative Bank Limited
414.	Tripura Gramin Bank
415.	The Abhinav Sahakari Bank Limited
416.	The Accountant General's Office Employees' Co-operative Bank Limited
417.	The Adarsh Co-operative Urban Bank Limited
418.	The Adilabad District Co-operative Central Bank Ltd.
419.	The Adinath Co-operative Bank Limited
420.	The Agrasen Co-operative Urban Bank Limited
421.	The Agrasen Nagari Sahakari Bank Ltd., Akola
422.	The Ahmedabad District Co-operative Bank Limited
423.	The Ahmedabad Mercantile Co-operative Bank Limited
424.	The Ahmednagar District Central Co-operative Bank Ltd.
425.	The Ajara Urban Co-operative Bank Limited
426.	The Akola District Central Co-operative Bank Limited
427.	The Akola Janata Commercial Co-operative Bank Limited
428.	The Akola Urban Co-operative Bank Ltd.
429.	The Alappuzha District Co-operative Bank Limited
430.	The Anand Mercantile Co-operative Bank Limited
431.	The Andhra Pradesh State Co-op Bank Limited
432.	The Annasaheb Savant Co-Operative Urban Bank Mahad Ltd.
433.	The Ambika Mahila Sahakari Bank Ltd.
434.	The Amravati Zilla Parishad Shikshak Sahakari Bank
435.	The A. P. Rajarajeswari Mahila Co-operative Urban Bank Limited
436.	The Ashta Peoples Co-operative Bank Limited
437.	The Azad Co-operative Bank Ltd.
438.	The Babasaheb Deshmukh Sahakari Bank Ltd., Atpadi
439.	The Banaskantha District Central Co-operative Bank Limited
440.	The Banaskantha Mercantile Co-operative Bank Limited
441.	The Bangalore City Co-operative Bank Ltd.
442.	The Bapunagar Mahila Co-operative Bank Limited
443.	The Baramati Sahakari Bank Limited
444.	The Bardoli Nagrik Sahakari Bank Limited
445.	The Baroda Central Co-op. Bank Limited
446.	The Baroda City Co-operative Bank Limited
447.	The Belagavi District Central Co-operative Bank Ltd.
448.	The Bellari District Co-operative Central Bank Limited
449.	The Bengaluru District Central Co-operative Bank Ltd.
450.	The Bhagyalakshmi Mahila Sahakari Bank Limited
451.	The Bhagyodaya Co-operative Bank Limited
452.	The Bharat Co-operative Bank (Mumbai) Limited
453.	The Bharatpur Central Co-operative Bank Ltd.
454.	The Bharuch District Central Co-operative Bank Ltd.
455.	The Bhavana Rishi Co-operative Urban Bank Limited
456.	The Bhiwani Central Co-operative Bank Limited
457.	The Bhavnagar District Co-operative Bank Limited
458.	The Bhuj Commercial Co-operative Bank Limited
459.	The Bicholim Urban Co-operative Bank Limited
460.	The Burdwan Central Co-operative Bank Ltd.
461.	The Business Co-operative Bank Limited
462.	The Calicut Co-operative Urban Bank Limited
463.	The Central Co-operative Bank Ltd., Bikaner
464.	The Chanasama Nagrik Sahakari Bank Ltd.
465.	The Chandigarh State Co-operative Bank Ltd.
466.	The Chandwad Merchant’s Co-operative Bank Limited
467.	The Chembur Nagrik Sahakari Bank Limited
468.	The Chennai Central Co-operative Bank Limited
469.	The Chhapi Nagrik Sahakari Bank Ltd.
470.	The Chikhli Urban Co-operative Bank Limited
471.	The Chikkamagaluru District Co-operative Central Bank Limited
472.	The Chitradurga District Co-operative Central Bank Ltd.
473.	The Chittoor District Central Co-operative Bank Limited
474.	The Chitnavispura Sahakari Bank Ltd.
475.	The Citizens Co-operative Bank Limited, Rajkot
476.	The Coimbatore District Central Co-operative Bank Limited
477.	The Commercial Co-operative Bank Ltd., Jamnagar
478.	The Commercial Co-operative Bank Limited, Kolhapur
479.	The Co-operative Bank of Mehsana Limited
480.	The Co-operative Bank of Rajkot Ltd.
481.	The Cosmos Co-operative Bank Limited
482.	The Cuddalore District Central Co-operative Bank Limited
483.	The Dahod Mercantile Co-op. Bank Ltd.
484.	The Dahod Urban Co-operative Bank Limited
485.	The Darussalam Co-operative Urban Bank Limited
486.	The Davangere-Harihar Urban Sahakara Bank Niyamitha
487.	The Davangere Urban Co-operative Bank Ltd.
488.	The Dhanbad Central Co-operative Bank Ltd.
489.	The Dhanlaxmi Bank Limited
490.	The Dharmapuri District Central Co-operative Bank Limited
491.	The Dindigul District Central Co-operative Bank Limited
492.	The District Co-operative Central Bank Ltd., Bidar
493.	The District Co-operative Central Bank Ltd., Eluru
494.	The District Co-operative Central Bank Ltd., Khammam
495.	The District Co-operative Central Bank Ltd., Medak
496.	The District Co-operative Central Bank, Srikakulam
497.	The District Co-operative Central Bank Limited, Visakhapatnam
498.	The Dombivli Nagari Sahakari Bank Limited
499.	The Eenadu Co-operative Urban Bank Limited
500.	The Eluri Co-operative Urban Bank Ltd.
501.	The Erode District Central Co-operative Bank Limited
502.	The Federal Bank Limited
503.	The Financial Co-operative Bank Limited
504.	The Gadchiroli District Central Co-operative Bank Limited
505.	The Grain Merchants’ Co-operative Bank Ltd.
506.	The Gandevi Peoples’s Co-operative Bank Limited
507.	The Gandhidham Co-operative Bank Limited
508.	The Gandhidham Mercantile Co-operative Bank Limited
509.	The Gandhi Gunj Co-operative Bank Ltd.
510.	The Gandhinagar Nagarik Co-operative Bank Limited
511.	The Gandhinagar Urban Co-op. Bank Ltd.
512.	The Goa Urban Co-operative Bank Ltd.
513.	The Godhra City Co-operative Bank Limited
514.	The Godhra Urban Co-operative Bank Limited
515.	The Greater Bombay Co-operative Bank Limited
516.	The Gujarat State Co-operative Bank Limited
517.	The Guntur Co-operative Urban Bank Limited
518.	The Guntur District Co-operative Central Bank Limited
519.	The Gurgaon Central Co-operative Bank Ltd.
520.	The Guruvayur Co-operative Urban Bank Ltd.
521.	The Haryana State Co-operative Apex Bank Limited
522.	The Hassan District Co-operative Central Bank Ltd.
523.	The Hasti Co-operative Bank Limited
524.	The Himachal Pradesh State Co-operative Bank Limited
525.	The Honavar Urban Co-operative Bank Limited
526.	The Hong Kong and Shanghai Banking Corporation Limited (HSBC)
527.	The Idar Nagrik Sahakari Bank Ltd.
528.	The Income Tax Department Co-operative Bank Ltd.
529.	The Jain Sahakari Bank Limited
530.	The Jaipur Central Co-operative Bank Ltd.
531.	The Jalgaon Peoples Co-operative Bank Limited
532.	The Jamkhandi Urban Co-op. Bank Ltd.
533.	The Jammu & Kashmir State Co-operative Bank Limited
534.	The Jamnagar Peoples Co-operative Bank Ltd.
535.	The Janata Co-operative Bank Ltd., New Delhi
536.	The Jhajjar Central Co-operative Bank Ltd.
537.	The Jind Central Co-op. Bank Ltd.
538.	The Junagarh Commercial Co-operative Bank Limited
539.	The Junagadh Jilla Sahakari Bank Limited
540.	The Kaira District Central Co-operative Bank Limited
541.	The Kaithal Central Co-operative Bank Ltd.
542.	The Kakatiya Co-operative Urban Bank Limited
543.	The Kakinada Co-operative Town Bank Limited
544.	The Kalupur Commercial Co-operative Bank Limited
545.	The Kalyan Janata Sahakari Bank Limited
546.	The Kanaka Mahalakshmi Co-operative Bank Limited
547.	The Kancheepuram District Central Co-operative Bank Limited
548.	The Kangra Central Co-operative Bank Limited
549.	The Kanyakumari District Central Co-operative Bank Limited
550.	The Karimnagar District Co-operative Central Bank Limited
551.	The Karnataka State Co-operative Apex Bank Limited
552.	The Karnatak Central Co-operative Bank Ltd.
553.	The Karnavati Co-operative Bank Limited
554.	The Kerala State Co-operative Bank Limited
555.	The Khamgaon Urban Co-operative Bank Ltd., Khamgaon
556.	The Kodagu District Co-operative Central Bank Ltd.
557.	The Kodinar Taluka Co-operative Banking Union Limited
558.	The Kodungallur Town Co-operative Bank Limited
559.	The Kokan Mercantile Co-operative Bank Limited
560.	The Kolar & Chikballapura District Co-operative Central Bank Limited
561.	The Kolhapur Urban Co-operative Bank Limited
562.	The Kollam District Co-operative Bank Limited
563.	The Kopargaon People's Co-op. Bank Ltd.
564.	The Kottakkal Co-operative Urban Bank Limited
565.	The Kozhikode District Co-operative Bank Limited
566.	The Kranthi Co-operative Urban Bank Limited
567.	The Kukarwada Nagarik Sahakari Bank Limited
568.	The Kumbakonam Central Co-operative Bank Limited
569.	The Kurukshetra Central Co-operative Bank Ltd.
570.	The Lakshmi Vilas Bank Limited
571.	The Latur District Central Co-op Bank Ltd.
572.	The Latur Urban Co-operative Bank Limited
573.	The Lunawada People's Co-op. Bank Ltd.
574.	The Madurai District Central Co-operative Bank Limited
575.	The Mahanagar Co-operative Bank Limited
576.	The Maharaja Co-operative Urban Bank Limited
577.	The Maharashtra Mantralaya and Allied Offices Co-operative Bank Limited
578.	The Maharashtra State Co-operative Bank Limited
579.	The Mahaveer Co-operative Bank Limited
580.	The Malad Sahakari Bank Limited
581.	The Mandvi Nagarik Sahakari Bank Limited
582.	The Mangalore Catholic Co-operative Bank Limited
583.	The Mangalore Co-operative Town Bank Limited
584.	The Manjeri Co-operative Urban Bank Limited
585.	The Mattancherry Sarvajanik Co-operative Bank Limited
586.	The Meghalaya Co-operative Apex Bank Limited
587.	The Mehsana Nagrik Sahakari Bank Ltd.
588.	The Mehsana Urban Co-operative Bank Limited
589.	The Merchants Souharda Sahakara Bank Ni., Chitradurga
590.	The Modasa Nagarik Sahakari Bank Limited
591.	The Modern Co-operative Bank Ltd.
592.	The Moti Urban Co-op. Bank Ltd.
593.	The Mudalagi Co-operative Bank Ltd.
594.	The Mumbai Mahanagarpalika Shikshan Vibhag Sahakari Bank Ltd.
595.	The Municipal Co-operative Bank Limited
596.	The Muslim Co-operative Bank Limited
597.	The Mysore & Chamarajanagar District Co-operative Central Bank Limited
598.	The Nadiad People’s Co-operative Bank Ltd.
599.	The Nainital Bank Limited
600.	The Nalgonda Dist. Co-operative Central Bank Ltd.
601.	The Nanded Merchant's Co-op. Bank Ltd.
602.	The Nandura Urban Co-operative Bank Limited
603.	The Nandurbar Merchant’s Co-operative Bank Ltd.
604.	The Naroda Nagrik Co-operative Bank Limited
605.	The Nasik Merchant's Co-operative Bank Ltd.
606.	The National Co-operative Bank Limited
607.	The Naval Dockyard Co-operative Bank Limited
608.	The Nav Jeevan Co-operative Bank Limited
609.	The Navnirman Co-operative Bank Limited
610.	The Nawanagar Co-operative Bank Limited
611.	The New Urban Co-operative Bank Limited
612.	The Nileshwar Co-operative Urban Bank Ltd.
613.	The Nilgiris District Central Co-operative Bank Limited
614.	The Ottapalam Co-operative Urban Bank Limited
615.	The Panchmahal District Co-operative Bank Limited
616.	The Panchsheel Mercantile Co-op. Bank Limited
617.	The Panipat Central Co-operative Bank Limited
618.	The Panipat Urban Co-operative Bank Limited
619.	The People’s Urban Co-operative Bank Limited
620.	The Pimpalgaon Merchants Co-operative Bank Limited
621.	The Pioneer Urban Co-operative Bank Limited
622.	The Ponani Co-operative Urban Bank Ltd.
623.	The Pragati Urban Co-operative Bank Ltd.
624.	The Pratap Co-operative Bank Limited
625.	The Pudukkottai District Central Co-operative Bank Limited
626.	The Punjab State Cooperative Bank Ltd.
627.	The Quilon Co-Operative Urban Bank Ltd.
628.	The Raichur District Central Co-op. Bank Ltd., Raichur
629.	The Railway Employee’s Co-operative Bank Ltd., Jaipur
630.	The Raipur Urban Mercantile Co-op. Bank Limited, Raipur
631.	The Rajajinagar Co-operative Bank Ltd.
632.	The Rajasthan State Co-op. Bank Ltd.
633.	The Rajasthan Urban Co-operative Bank Ltd.
634.	The Rajkot Commercial Co-operative Bank Ltd.
635.	The Ramanathapuram District Central Co-operative Bank Limited
636.	The Rander People's Co-op. Bank Ltd.
637.	The Ranuj Nagarik Sahakari Bank Limited
638.	The Rayat Sevak Co-operative Bank Ltd.
639.	The Rewari Central Co-Operative Bank Ltd.
640.	The Royal Bank of Scotland N.V.
641.	The Sabarkantha District Central Co-operative Bank Limited
642.	The Salem District Central Co-operative Bank Limited
643.	The Sangamner Merchants Co-operative Bank Limited
644.	The Sankheda Nagrik Sahakari Bank Limited
645.	The Santrampur Urban Co-operative Bank Ltd.
646.	The Sarangpur Co-operative Bank Limited
647.	The Saraswat Co-operative Bank Limited
648.	The Sardar Bhiladwala Pardi People’s Co-operative Bank Limited
649.	The Sarvodaya Nagrik Sahakari Bank Limited
650.	The Sarvodaya Sahakari Bank Limited
651.	The Sarvodaya Sahakari Bank Ltd., Modasa
652.	The Satara District Central Co-operative Bank Limited
653.	The Satara Sahakari Bank Limited
654.	The Saurashtra Co-operative Bank Limited
655.	The Shahada Peoples Co-op. Bank Ltd.
656.	The Shillong Co-operative Urban Bank Limited
657.	The Shirpur Peoples’ Co-operative Bank Limited
658.	The Shoranur Co-operative Urban Bank Limited
659.	Sikkim State Co-operative Bank Ltd.
660.	The Sirsi Urban Sahakari Bank Limited
661.	The Sivagangai District Central Co-operative Bank Limited
662.	The Sonepat Central Co-operative Bank Limited
663.	The S. S. K. Co-operative Bank Limited
664.	The Sultans Battery Co-operative Urban Bank Limited
665.	The Surat District Co-operative Bank Limited
666.	The Surat Mercantile Co-operative Bank Limited
667.	The Surat People’s Co-operative Bank Limited
668.	The Sutex Co-operative Bank Limited
669.	The Tamilnadu Industrial Co-operative Bank Limited
670.	The Tamil Nadu State Apex Cooperative Bank Limited
671.	The Texco Co-operative Bank Limited, Surat
672.	The Thane Janata Sahakari Bank Limited
673.	The Thane District Central Co-op. Bank Ltd., Thane
674.	The Thanjavur Central Co-operative Bank Limited
675.	The Thoothukudi District Central Co-operative Bank Limited
676.	The Tiruchirapalli District Central Co-operative Bank Limited
677.	The Tirunelveli District Central Co-operative Bank Limited
678.	The Tiruvannamalai District Central Co-operative Bank Limited
679.	The Tumkur Dist. Co-op. Central Bank Ltd.
680.	The Udaipur Mahila Samridhi Urban Co-operative Bank Limited
681.	The Udaipur Mahila Urban Co-operative Bank Limited
682.	The Udaipur Urban Co-operative Bank Limited
683.	The Udupi Co-operative Town Bank Limited
684.	The Umreth Urban Co-operative Bank Ltd.
685.	The Una Peoples Co-operative Bank Limited
686.	The Union Co-operative Bank Limited, Naroda
687.	The Urban Co-operative Bank Ltd., Dharangaon
688.	The Urban Co-operative Bank Limited, Perinthalmanna
689.	The Uttarsanda Peoples Co-operative Bank Limited
690.	The Vaish Co-operative Bank Ltd.
691.	The Vallabh Vidyanagar Commercial Co-operative Bank Limited
692.	The Valsad District Central Co-operative Bank Limited
693.	The Varachha Co-operative Bank Limited
694.	The Vellore District Central Co-operative Bank Limited
695.	The Vani Merchant’s Co-operative Bank Ltd.
696.	The Veraval Mercantile Co-operative Bank Ltd.
697.	The Vijay Co-operative Bank Limited
698.	The Vijayapura District Central Co-operative Bank Ltd.
699.	The Villupuram District Central Co-operative Bank Limited
700.	The Virudhunagar District Central Co-operative Bank Ltd.
701.	The Visakhapatnam Co-operative Bank Limited
702.	The Vishweshwar Sahakari Bank Limited
703.	The Vyavasayik Sahakari Bank Limited
704.	The Warangal District Central Co-operative Bank Ltd.
705.	The Washim Urban Co-operative Bank Ltd., Washim
706.	The West Bengal State Co-operative Bank Ltd.
707.	The Women's Co-operative Bank Limited
708.	The Yadrav Co-Operative Bank Ltd.
709.	The Yamuna Nagar Central Co-operative Bank Ltd.
710.	The Zoroastrian Co-operative Bank Limited
711.	Thrissur District Co-operative Bank Limited
712.	Tirupati Urban Co-operative Bank Limited
713.	Tripura State Co-operative Bank Limited
714.	Tumkur Grain Merchants Co-operative Bank Limited
715.	UCO Bank
716.	Ujjivan Small Finance Bank Limited
717.	Uma Co-operative Bank Ltd.
718.	Umiya Urban Co-Operative Bank Mydt.
719.	Union Bank of India^β
720.	Unity Small Finance Bank Ltd.
721.	Unjha Nagarik Sahakari Bank Limited
722.	Urban Co-operative Bank Limited, Bareilly
723.	Urban Co-operative Bank Ltd., Siddharthnagar
724.	Utkarsh Small Finance Bank Limited
725.	Uttarakhand Gramin Bank
726.	Uttar Pradesh Co-operative Bank Ltd.
727.	Vaishya Nagari Sahakari Bank Limited, Parbhani
728.	Vaishya Sahakari Bank Limited
729.	Vaijanathappa Saraf Marathwada Nagari Sahakari Bank Ltd.
730.	Valmiki Urban Co-operative Bank Limited
731.	Vananchal Gramin Bank
732.	Vardhaman (Mahila) Co-operative Urban Bank Limited
733.	Vasai Janata Sahakari Bank Limited
734.	Vasai Vikas Sahakari Bank Limited
735.	Vasundhara Mahila Nagari Sahakari Bank Ltd.
736.	Veerashaiva Sahakari Bank Limited
737.	Veraval People's Co-operative Bank Limited
738.	Vidarbha Merchants Urban Co-op. Bank Ltd.
739.	Vidyasagar Central Co-operative Bank Ltd.
740.	Vijay Commercial Co-operative Bank Limited
741.	Vikas Sahakari Bank
742.	Vikas Souharda Co-operative Bank Limited
743.	Vikas Urban Co-operative Bank Niyamitha
744.	Vikramaditya Nagrik Sahakari Bank Maryadit
745.	Vilas Co-operative Bank Ltd.
746.	Vima Kamgar Co-operative Bank Ltd.
747.	Vyapari Sahakari Bank Maryadit
748.	Vyaparik Audyogik Sahakari Bank Ltd.
749.	Wana Nagrik Sahakari Bank Ltd.
750.	Warangal Urban Co-operative Bank Ltd.
751.	Wardhaman Urban Co-operative Bank Limited
752.	Wardha Zilla Parishad Employees (Urban) Co-operative Bank Limited
753.	Wayanad District Co-operative Bank Limited
754.	Woori Bank
755.	Yadagiri Lakshmi Narsimha Swamy Co-operative Bank Limited
756.	Yes Bank Limited
757.	Yeshwant Nagari Sahakari Bank Ltd.
758.	Zila Sahakari Bank Limited, Lakhimpur-Kheri
@ The erstwhile South Malabar Gramin Bank amalgamated with North Malabar Gramin Bank to form a new entity viz. Kerala Gramin Bank. * The erstwhile Pragathi Krishna Gramin Bank amalgamated with Kaveri Grameena Bank to form a new entity viz. Karnataka Gramin Bank. £ The erstwhile Narmada Malwa Gramin Bank amalgamated with Jhabua-Dhar Kshetriya Gramin Bank to form a new entity viz. Narmada Jhabua Gramin Bank. © The erstwhile ING Vysya Bank Limited merged with Kotak Mahindra Bank Limited. # As per the Government of India order dated February 22, 2017 regarding acquisition of State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore by State Bank of India, the erstwhile associate banks of SBI have merged with SBI with effect from April 1, 2017. $ As per the Government of India order dated March 20, 2017 regarding acquisition of Bharatiya Mahila Bank by State Bank of India, Bharatiya Mahila Bank has merged with SBI with effect from April 1, 2017. € The erstwhile Bihar Gramin Bank and Madhya Bihar Gramin Bank amalgamated to form a new entity viz. Dakshin Bihar Gramin Bank. ¥ The erstwhile Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank amalgamated to form a new entity viz. Punjab Gramin Bank. ƛ The erstwhile Dena Gujarat Gramin Bank and Baroda Gujarat Gramin Bank amalgamated to form a new entity viz. Baroda Gujarat Gramin Bank. µ As per the Government of India Gazette Notification dated January 02, 2019, Vijaya Bank and Dena Bank amalgamated with the Bank of Baroda with effect from April 01, 2019. α As per the Government of India Gazette Notification dated March 4, 2020, Oriental Bank of Commerce and United Bank of India amalgamated with Punjab National Bank with effect from April 01, 2020. β As per the Government of India Gazette Notification dated March 4, 2020, Andhra Bank and Corporation Bank amalgamated with Union Bank of India with effect from April 01, 2020. Ω As per the Government of India Gazette Notification dated March 4, 2020, Syndicate Bank amalgamated with Canara Bank with effect from April 01, 2020. ℼ As per the Government of India Gazette Notification dated March 4, 2020, Allahabad Bank amalgamated into Indian Bank with effect from April 01, 2020.

National Electronics Funds Transfer

Procedural Guidelines

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List of Participants

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List of NEFT enabled bank branches (Consolidated Indian Financial System Code)

List of NEFT enabled bank Branches (Bank-wise Indian Financial System Code)

Customer Facilitation Centres

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Application for participation in NEFT System

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FAQs on NEFT System

FAQs on Indo-Nepal Remittance Facility scheme

FAQs on Legal Entity Identifier (LEI)

Customer Facilitation Centres for NEFT & RTGS

Customer Facilitation Centres - NEFT

পিডিএফ (267 KB)

Customer Facilitation Centres - NEFT

Customer Facilitation Centres – NEFT (Updated as on August 14, 2023)
S No	BANK NAME	PHONE	E Mail
1	ABHYUDAYA COOPERATIVE BANK LIMITED	Tel: 022-25260172	neftcell@abhyudayabank.net
2	AHMEDABAD MERCANTILE COOPERATIVE BANK	Tel: 079-26426582-84-88	treasury@amco-bank.com
3	AHMEDNAGAR MERCHANTS CO-OP BANK LTD	Tel: 9767477700	admin@amcbank.in; suresh.katariya@rediffmail.com
4	AIRTEL PAYMENTS BANK LIMITED	Tel: 0124-4247797	nefthelpdesk@airtelbank.com
5	AKOLA JANATA COMMERCIAL COOPERATIVE BANK	Tel: 0724-2430012/ 2430241/2430639	rtgsneftops@akolajanatabank.com
6	ALMORA URBAN COOPERATIVE BANK LTD.	Tel: 05946-286300; 05962-231947; 05962-230743	rtgs.aucb@almoraurbanbank.com info@almoraurbanbank.com
7	AMBARNATH JAI HIND CO -OP BANK LTD	Tel: 0251 2605068/2605069/2600696	rtgs@jaihindbank.com; jaihindbank@gmail.com
8	ANDHRA PRADESH GRAMEEN VIKAS BANK	Tel: 7382620369, 9490153763, 9440903904, 9491065590	treasury@apgvbank.in; cmaccounts@apgvbank.in; cmit@apgvbank.in
9	ANDHRA PRAGATHI GRAMEENA BANK	Tel: 7382633823	rtgsneft@apgb.in
10	APNA SAHAKARI BANK LIMITED	Tel: 022-24103313	cpd@apnabank.co.in,
11	AU SMALL FINANCE BANK LIMITED	Tel: 9116181332/ 7340011989/ 9116181708	rtgsneft@aubank.in; epay@aubank.in
12	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	Tel: 022 4112 0073	indiapcomumbaioffice@anz.com pgsupport.india@anz.com
13	AXIS BANK	Tel: 022 - 24253491 /3492 / 3493	cfc@axisbank.com
14	B N P PARIBAS	Tel: 022- 61964645 / 4646 / 4640 / 4642	cms.payments@asia.bnpparibas.com
15	BANDHAN BANK LIMITED	Tel: 033-40456456 Ext: 5415	rtgsneft.desk@bandhanbank.com
16	BANK OF AMERICA	Tel: 044-42904526/4711/4527/4525	dg.payments_chennai@bofa.com
17	BANK OF BAHARAIN AND KUWAIT BSC	Tel: 022-22880038 / 22823698 / 99 Extn - 246/238	csdmumbai@bbkindia.com
18	BANK OF BARODA	Tel: 0265-2316160/6161	neft.mumbai@bankofbaroda.com
19	BANK OF CEYLON	Tel: 044-39519907/9902, 044-28190972	bocops@bankofceylon.in
20	BANK OF INDIA	Tel: 022-61312997	boi.neft@bankofindia.co.in
21	BANK OF MAHARASHTRA	Tel: 020 2450 4005/ 4006	bomneft@mahabank.co.in
22	MUFG Bank, Ltd.	Tel: 011-41003456 /220 /275 /453 /464	ndledp@vsnl.net.in
23	BARCLAYS BANK	Tel: 022-61754261 / 4619 / 4620 / 4670	grcbpayment.ops@barclays.com
24	Bassein Catholic Co-op Bank Ltd	+91-8888837146	rtgs@bccb.co.in
25	BHAGINI NIVEDITA SAHAKARI BANK LTD	Tel: 020-25479707/25479708, 9822034166 020-25447619/25447620	neft_rtgs@bhagininiveditabank.com, madhura.karve@bhagininiveditabank.com, ho@bhagininiveditabank.com
26	BHARAT COOPERATIVE BANK MUMBAI LIMITED	Tel: 022-61890106/ 107	payments@bharatbank.co.in
27	Canara Bank	Tel: 080-25129486/87/88/89 080-25129496	horeconhelpdesk@canarabank.com neft@canarabank.com
28	CAPITAL SMALL FINANCE BANK LTD.	Tel: 0181-5050759/727/730/775	epayments@capitalbank.co.in treasury@capitalbank.co.in
29	CSB BANK LIMITED	Tel: 0484-6615504/ 05, 9072601527/ 528	rtgs@csb.co.in
30	CENTRAL BANK OF INDIA	Tel: 022-22637966	cbineftcfc@centralbank.co.in
31	CHINATRUST COMMERCIAL BANK LIMITED	Tel: 011-43688888 , 233560001	in.customerservices@ctbcbank.com
32	CITI BANK	Tel: 022 6132 8761; 022 6132 8891; 022 6132 8570	pay.ops@citi.com India.citiservice@citi.com paylink.rtgs@imcap.ap.ssmb.com rtgs.citi@citi.com
33	CITIZEN CREDIT COOPERATIVE BANK LIMITED	Tel: 022-22658969	neft.rtgs@citizencreditbank.com; cm.cpd@citizencreditbank.com; agm3@citizencreditbank.com; dgm3@citizencreditbank.com
34	CITY UNION BANK LIMITED	Tel: 044-28297905	payment_system@cityunionbank.in
35	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK CALYON BANK	Tel: 022-67371030/1031	rtgs.crly@ca-cib.com
36	CREDIT SUISSE AG	Tel: 022 6777 3417022 6777 3510	list.rtgs.cres@credit-suisse.com
37	DARUSSALAM CO-OPERATIVE URBAN BANK LTD	040-24805176 / 8125108125	dcub1000@darussalambank.com; dcub_ho@darussalambank.com
38	DCB BANK LIMITED	Tel: 022-66187225/228/244/243/283/246/021	neft@dcbbank.com
39	DEOGIRI NAGARI SAHAKARI BANK LTD	Tel: 0240-2240212/2484827/28	neftrtgs@deogiribank.com
40	DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION	Tel: 022-23062680, 23084121	dicgccsd@rbi.org.in
41	DEUTSCHE BANK	Tel: 022-71806411, 022-71803524, 022-71806318, 022-71803918	neft.deutsche@db.com / rtgs.deutsche@db.com
42	DBS BANK INDIA LTD.	Tel: 022 – 6833 0934	paymentrecall@dbs.com
43	DHANALAKSHMI BANK	Tel: 0487-6627046 / 084	neft@dhanbank.co.in, rtgs.dlxb@dhanbank.co.in, rtgs@dhanbank.co.in
44	DMK JAOLI BANK LTD	Tel: 022-23828488	jsbl@vsnl.com; hoaccounts@jaolibank.in
45	DOHA BANK QPSC	022-6286 1161, 022-6286 1162, 022-6286 1186	indiahelpdesk@dohabank.co.in
46	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	Tel: 0251-2875000-9, 0251-2875077/78/79	info@dnsb.co.in
47	DURGAPUR STEEL PEOPLES COOPERATIVE BANK LTD	Tel: 0343 - 2575711, 9475413151 8373090004	clearingcell@dspcoopbank.com dspcoop@gmail.com; chanchal.pal@dspcoopbank.com
48	EMIRATES NBD BANK PJSC	Tel: 8879020254	rtgsebil@EmiratesNBD.com
49	EQUITAS SMALL FINANCE BANK	Tel: 044-30898048/8068/8015/8056	rtgs-cell@equitasbank.com
50	ESAF SMALL FINANCE BANK LIMITED	Tel: 0487 - 2373290, 9072604056,8589975585,8589933364,9072600833	payments@esafbank.com; nitha.kannan@esafbank.com; aby.abraham@esafbank.com; binumon.k@esafbank.com
51	EXPORT IMPORT BANK OF INDIA	Tel: 022-22172669/2647/2438/2444	rtgs@eximbankindia.in
52	FEDERAL BANK	Tel: 0484-2752051, 2752077	neft@federalbank.co.in
53	FINCARE SMALL FINANCE BANK	Tel: 080 - 42504444 Ext 643, 611, 610	cpcpayments@fincarebank.com
54	FINO PAYMENTS BANK LTD	Tel: 022-71047116, 022-71047025, 022- 71047191	neftrtgs.cell@finobank.com, care@finobank.com, customercare@finobank.com
55	FIRST ABU DHABI BANK PJSC	Tel: 022-33311131/1151	mumbaisupportit@nbad.com
56	FIRSTRAND BANK LIMITED	Tel: 022-66258682/ 66258666/ 66258629	frin.tradeoperations@firstrand.co.in
57	G P PARSIK BANK	Tel: 022-25456500, Extn. 6529, 6509	invest@gpparsikbank.com; accounts@gpparsikbank.net
58	GS MAHANAGAR COOPERATIVE BANK LTD	Tel: 022- 24710952 / 24710962 / 24710821	edpmanager@mahanagarbank.com
59	HARYANA STATE CO-OP APEX BANK	Tel: 0172-2784278	harco17@gmail.com; neft@harcobank.org.in; rtgs@harcobank.org.in
60	HDFC BANK LTD	Tel: 022-30752044 / 53	neftoutward@hdfcbank.com; neftinward@hdfcbank.com
61	HIMACHAL PRADESH STATE COOPERATIVE BANK LTD	Tel: 0177-2659641	rtgs.hpsc@hpscb.com
62	HSBC BANK	Tel: 022-45053307, 61223370	paymentinvestigations@hsbc.co.in
63	HUTATMA SAHAKARI BANK LTD WALWA	0231-2664025/ 26	ITCELL@HUTATMABANK.COM; HO@HUTATMABANK.COM
64	ICICI BANK LTD	Tel: 022- 33667777 & 040- 33667777 Fax: 040-41064450	neft.query@icicibank.com
65	IDBI BANK	Tel : 022 – 66552776/77/78, 022-66700304 022-66908536	etpc@idbi.co.in; rtgsneftops@idbi.co.in
66	IDFC FIRST BANK	Tel: 49850059/58/55/56/61	cfc@idfcfirstbank.com neftcell@idfcfirstbank.com
67	IDUKKI DISTRICT CO OPERATIVE BANK LTD	Tel: 04862 – 235141	it@idukkidcb.in
68	INDIA POST PAYMENTS BANK LIMITED	Tel: 011-23815485, 23815488	rtgs.cfc@ippbonline.in
69	Indian Bank	044-28294988 044-28134173	rtgscell@indianbank.co.in
70	INDIAN OVERSEAS BANK	Tel: 044-28584896, 28889397	rtgscell@iobnet.co.in
71	INDUSIND BANK	Tel: 022-42271639/40/41/42, 022-62815131/ 5123	neft@indusind.com
72	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	Tel: 022-33155931/5926	rtgs.icbk@india.icbc.com.cn
73	INDUSTRIAL BANK OF KOREA	Tel: 011-40768000 / 8022 / 8009	neft.ibko@ibk.co.kr ibkamitdeb@ibk.co.kr rohit@ibk.co.kr
74	IRINJALAKUDA TOWN CO-OPERATIVE BANK LTD	Tel: 9447755843, 9497068429, 9847411160, 0480-2670300, 2670331	ho@itubank.com, mail@itubank.com
75	JALGAON JANATA SAHAKARI BANK LIMITED	Tel: 0257-2235534/2234794	jjsbrtgs@gmail.com
76	JAMMU AND KASHMIR BANK LIMITED	Tel: 0194-2481930/31/32/33/34/35	neftservices@jkbmail.com; jakaneft@jkbmail.com
77	JANA SMALL FINANCE BANK	Tel: 080-33425262/Ext:358/143	channel_payments@janabank.com
78	JANASEVA SAHAKARI BANK BORIVLI LIMITED	Tel : 022- 28914747, 28333522	jssbl@mtnl.net.in
79	JANASEVA SAHAKARI BANK LIMITED	Tel: 020-24440097	investment@janasevabankpune.com
80	JANATA SAHAKARI BANK LTD, PUNE	Tel: 020 24521092020 24521093Mobile: 9970013148	jsbservice@janatabankpune.com
81	JANKALYAN SAHAKARI BANK	Tel: 022-25222582/ 25246804, 022-25264123/122/151/111	jksbl@jksbl.com
82	JIO PAYMENTS BANK LIMITED	Tel: 022-35554097	rajesh3.gupta@ril.com
83	JP MORGAN CHASE BANK	Tel:- 022-61575043, 022 61573844, 022 61573837 Tel:- 022 61573305 / 61573445 / 61573667	mumbai.cash.operation@jpmorgan.com funding.mumbai.branch@jpmorgan.com rtgs_chas@jpmorgan.com
84	KALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LIMITED	Tel: 0230-2427263	treasury@ijsbank.com
85	KALUPUR COMMERCIAL COOPERATIVE BANK	Tel: 079-27582020 to 27582026	info@kalupurbank.com rtgs.kccb@kalupurbank.com
86	KALYAN JANATA SAHAKARI BANK	Tel: 0251-2219009 / 9030 / 9024	kjsbrtgs@kalyanjanata.in
87	KARNATAKA BANK LIMITED	Tel: 022 - 22823031/32	neft.srbr@ktkbank.com
88	KARNATAKA VIKAS GRAMEENA BANK	Tel: 0836-2442204	kvgbhoit@gmail.com neftrtgscell@kvgbank.com
89	KOOKMIN BANK	124-4532222	ravish.arora@kbfg.com sheenu.chawla@kbfg.com ravish.dutta@kbfg.com
90	THE KARUR VYSYA BANK LTD	Tel: 0422–2227778, 0422–2227779, 0422-2227760	neft@kvbmail.com; neftcfc@kvbmail.com
91	KEB HANA BANK	Tel: 044-49056320/6305	kebchennai@hanafn.com
92	KERALA GRAMIN BANK	Tel: 0497-2704810	neftcell.kgb@keralagbank.com
93	KOTAK MAHINDRA BANK LIMITED	Tel: 022-6605 6597 / 98 / 99	neftrtgs.query@kotak.com
94	KOZHIKODE DISTRICT COOP BANK LTD.	Tel: 0495-2701520	rtgs@kdcbank.com
95	MAHARASHTRA GRAMIN BANK	Tel: 0240-2476141, 022-25435154, 25344059/60	rtgs@mahagramin.co.in neft@mahagramin.co.in mgbneftcell@gmail.com
96	MAHARASHTRA STATE COOPERATIVE BANK	Tel: 022 22800653/654, 22822216	paymentcell@mscbank.com; rtgs@mscbank.com
97	MAHESH SAHAKARI BANK LTD PUNE	Tel: 8446113097 & 7720932223	accounts@maheshbankpune.in
98	MASHREQBANK PSC	Tel: 022-66327200/300/301	opsindia@mashreq.com;
99	MIZUHO BANK LTD.	Tel: 022 49112000/21/23/61 022 49112746/77	inward.remittances@mizuho-cb.com
100	MODEL CO-OPERATIVE BANK LTD.	Tel: 022-66914227/ 8080938018	rtgs@modelbank.in
101	NABARD	Tel: 9321966445 (022-26539793)	fd.disb@nabard.org
102	NAGAR URBAN CO OPERATIVE BANK	Tel: 0241-2346941, 2343642	rtgs@nagarurbanbank.com
103	NAGPUR NAGARIK SAHAKARI BANK LIMITED	Tel: 0712-2764313 ,2761386	neft@nnsbank.com
104	NEW INDIA CO-OPERATIVE BANK LTD	Tel: 022 6626 4353	rtgsdesk@newindiabank.in / rtgs.nicb@newindiabank.in
105	NKGSB COOPERATIVE BANK LIMITED	Tel: 022-67545022,67545009	rtgs@nkgsb-bank.com
106	NORTH EAST SMALL FINANCE BANK	Tel: 0361-7180001	customercare@nesfb.com
107	NSDL Payment Bank Ltd	Tel: 022-42022100	care@nsdlbank.co.in nspboperations@nsdlbank.co.in
108	NUTAN NAGARIK SAHAKARI BANK LIMITED	Tel: 079-26445229	rtgs@nutanbank.com
109	PAYTM PAYMENTS BANK LIMITED	Tel: 0120-4456456	neftrtgs.support@paytmbank.com
110	KARNATAKA GRAMIN BANK	08194-234315, 08194-234215	hoanx.neftcell@kgbk.in; dbswing.kgbk@kgbk.in
111	PRIME CO-OP. BANK LTD.	Tel: 0261 - 2804777	rtgs@primebankindia.com
112	PT BANK MAYBANK INDONESIA TBK	Tel: 022-67303422/3423	rtgs.ibbk@maybank.co.in
113	PUNJAB AND MAHARSHTRA COOPERATIVE BANK	Tel: 022-61284316/4317/4313	rtgs@pmcbank.com
114	PUNJAB AND SIND BANK	Tel: 011-25860657,25826216	b0385@psb.co.in; rtgs@psb.co.in
115	PUNJAB NATIONAL BANK	Tel: 022-22627511	neft@pnb.co.in
116	QATAR NATIONAL BANK (Q.P.S.C.)	Tel: 022-62296306/ 6311	indiaoperations@qnb.com
117	RABOBANK INTERNATIONAL	Tel: 022-22097890/7900/7881	fm.in.mumbai.cmps@rabobank.com
118	RAJARAMBAPU SAHAKARI BANK	Tel: 9890080260	account@rajarambapubank.org;
119	RAJARSHI SHAHU SAHAKARI BANK Ltd	020-24432557, 020-24435384, 020-24435385	rtgsneft@rajarshishahubankpune.com
120	RAJGURUNAGAR SAHAKARI BANK LIMITED	Tel : 02135- 222085,222118	rtgs.rsbl@rajgurunagarbank.com
121	RAJKOT NAGARIK SAHAKARI BANK LTD.	Tel: 0281-2238524, 2226476, 2222054	rtgsops@rnsbindia.com, rtgs@rnsbindia.com,
122	RBL BANK LIMITED	Tel: 022- 48829025 to 42	rtgsneftoperation@rblbank.com
123	RESERVE BANK OF INDIA (FOR GOVT BANKING DIVISION)	Tel: 022-22603329	neftpadmumbai@rbi.org.in
124	SAHEBRAO DESHMUKH COOPERATIVE BANK LIMITED	Tel : 022-28522514/15, 022-28520369	clg@sdcbank.in
125	SAMARTH SAHAKARI BANK LTD.	Tel: 02172744214	rtgs.sbls@samarthbank.com
126	SARASWAT COOPERATIVE BANK LIMITED	(022) 67315444, 67315402	rtgs_neft@saraswatbank.com; suhas.shidhaye@saraswatbank.com
127	SBER BANK	Tel: 011-40048888, 40048886, 40048887	u.bhatnagar@sberbank.co.in
128	SBM BANK MAURITIUS LIMITED	Tel: 022-43028888/801/802	csdmumbai@sbm-india.com
129	SHIKSHAK SAHAKARI BANK LIMITED	Tel: 0712-2722705 / 2774866	rtgs.sksb@shikshakbank.com
130	SHINHAN BANK	Tel: 022-61992000	operations.mum@shinhan.com; patra@shinhan.com; treasury.bo.ind@shinhan.com; rtgs.shbk@shinhan.com
131	SHIVALIK SMALL FINANCE BANK LIMITED	Tel: 0132-2726125 0132-2726147	rtgs@shivalikbank.com
132	SHRI CHHATRAPATI RAJASHRI SHAHU URBAN COOPERATIVE BANK LIMITED	Tel - 2442-229772, 2442-228961	headoffice@shahubank.com
133	SHRI VEERSHAIV CO-OP BANK LTD	Tel: 0231-2536940, 8380051173	nitincharankar@shriveershaivbank.com
134	SINDHUDURG DCCB LTD	Tel: 02362-229005 To 10	rtgs.neft@sindhudurgdcc.com
135	SIR M. VISVESWARAYA CO-OP BANK LTD.	Tel: 9480885371, 9449599908	hl.suresh@yahoo.co.in; l.ganesh@vcb.co.in
136	SOCIETE GENERALE	Tel: 022-66309500	mum.oper.mop@socgen.com
137	SOLAPUR JANATA SAHAKARI BANK LIMITED	Tel – 0217-2741100	info@sjsbbank.com
138	SOUTH INDIAN BANK	0484 2556003, 080 28543444.	rtgscell@sib.co.in rtgscell1@sib.co.in
139	STANDARD CHARTERED BANK	Tel: 044-674-41156 / 044-674-41251	neft.recall@sc.com
140	STATE BANK OF INDIA	Tel: 022-2756 0743 / 022-2756 0746	neft@sbi.co.in
141	SUMITOMO MITSUI BANKING CORPORATION	Tel: 011-47689111	rtgs_smbc@in.smbc.co.jp
142	SURAT NATIONAL COOPERATIVE BANK LIMITED	Tel: 0261-2464 621 to 624	rtgs.sunb@sncb.in
143	SURYODAY SMALL FINANCE BANK LTD	Tel: 022-41856734/40436757	payments@suryodaybank.com
144	SUCO SOUHARDHA SAHAKARI BANK LTD.	Tel: 08392-255201/08392-254104/ 08392-297296	neft.suco@sucobank.com rtgs.suco@sucobank.com
145	THE SUTEX COOPERATIVE BANK LIMITED	Tel: 0261-2632519, 2632027/28	rtgs.support@sutexbank.in
146	TAMILNAD MERCANTILE BANK LIMITED	Tel: 044-28131092/28131091	rtgs@tmbank.in
147	Telangana State Co-Op Apex Bank	Tel: 040-23443814/ 24685501, 040-24685568, 040-23443845	rtgscell@tscab.org
148	TEXTILE TRADERS COOP BANK LTD.	Tel : 079-26430545079-26434255 / 26434200	rtgs.ttcb@ttcbank.co.in headoffice@ttcbank.co.in
149	THE A.P. MAHESH COOPERATIVE URBAN BANK LIMITED	Tel: 040- 24732711/22	info@apmaheshbank.com; hofin@apmaheshbank.com
150	THE AKOLA DISTRICT CENTRAL CO-OPERATIVE BANK LTD, AKOLA	Tel: 0724-2415107, 0724-2415108, 18002332393	rtgs.adcc@akoladccbank.com
151	THE ANDHRA PRADESH STATE COOPERATIVE BANK LIMITED	Tel: 040-27687417/568/579	rtgscell@apcob.org
152	THE BANK OF NOVA SCOTIA	Tel: 022-6636 4200	support.mumbai@scotiabank.com
153	THE BARAMATI SAHAKARI BANK	Tel: 02112-224865 Ext : 316	rtgs@baramatibank.com
154	THE COSMOS CO OPERATIVE BANK LIMITED	Tel: 022-2447 6043 / 44, 022-2447 4278	neftcell@cosmosbank.in
155	THE DELHI STATE COOPERATIVE BANK LIMITED	011-41705038 011-23281924	bkg.dscb@gmail.com, banking@dscb.in dscbrtgs2014@gmail.com
156	THE GADCHIROLI DISTRICT CENTRAL COOPERATIVE BANK LIMITED	Tel: 07132-232050,232965, 233438,233570, 8055143754 (Pravin Janganwar)	gdcc_gad@gdccbank.com
157	THE GREATER BOMBAY COOPERATIVE BANK LIMITED	Tel: 022 61285927/61285900	clearing@greaterbank.com
158	THE GUJARAT STATE COOPERATIVE BANK LIMITED	Tel: 079-27459013, 27459916, 27459033	info@gscbank.coop
159	THE HASTI COOP BANK LTD	Tel: 02566-245616, 247306, 244106, 244306, 247306, 247307	rbiusersgroup@hastibank.org
160	THE JALGAON PEOPELS COOPERATIVE BANK LIMITED	Tel: 0257-2227711 to16	rtgs.jpcb@jpcbank.com
161	The Kangra Central Co-Op Bank Ltd	Tel: 01892-222269 Ext. 268	dbdc@kccb.in
162	THE KANGRA COOPERATIVE BANK LIMITED	Tel: 011-23582056	ser_branch@kangrabank.com
163	THE KARAD URBAN COOPERATIVE BANK LIMITED	Tel: 022-24171471	treasury@karadurbanbank.com
164	THE KARANATAKA STATE COOPERATIVE APEX BANK LIMITED	Tel: 080-22976614	rtgs@karnatakaapex.com
165	THE KURMANCHAL NAGAR SAHAKARI BANK LIMITED	Tel: 05942-263574	kurmanchalbank@yahoo.com
166	THE MEHSANA URBAN COOPERATIVE BANK	Tel: 02762-240761	info@mucbank.com
167	THE MUMBAI DISTRICT CENTRAL COOPERATIVE BANK LIMITED	Tel: 022-22616911/12	neft@mumbaidistrictbank.com
168	THE MUNICIPAL COOPERATIVE BANK LIMITED	Tel: 022- 22616911/12	accounts@mcbmumbai.com
169	THE NAINITAL BANK LIMITED	Tel: 011-23583041/40	rtgshelpdesk@nainitalbank.co.in
170	THE NASIK MERCHANTS COOPERATIVE BANK LIMITED	Tel: 0253-2308210 /0253-2308213	rtgsneft@namcobank.in; helpdesk@namcobank.in; cto@namcobank.in
171	THE NAVNIRMAN CO OP BANK LTD.	Tel: 079-26568259 079-26568258	support@navnirmanbank.com
172	THE PANDHARPUR URBAN CO OP. BANK LTD. PANDHARPUR	Tel: 02186-228484, 223163, 223484	rtgsneft@pandharpurbank.com
173	THE RAJASTHAN STATE COOPERATIVE BANK LIMITED	Tel: 0141-2744704	rscb.raj@gmail.com
174	THE SEVA VIKAS COOPERATIVE BANK LIMITED	Tel: 020-27412289, 020-27413371	rtgs.svbl@sevavikasbank.com
175	THE SHAMRAO VITHAL CO OP BANK	Tel: 022-71991468-75	rtgscell@svcbank.com
176	THE SURAT DISTRICT CO-OP BANK LTD.	Tel: 0261-2466012, 0261-2466018	agmbanking@sudicobank.com; treasury@sudicobank.com
177	THE SURATH PEOPLES COOPERATIVE BANK LIMITED	Tel: 0261-2464621 to 624	info@spcbl.in
178	THE TAMIL NADU STATE APEX COOPERATIVE BANK	Tel: 044-25358859/2308, 044-25340973	rtgs@tnscbank.com
179	THE THANE BHARAT SAHAKARI BANK LIMITED	Tel: 022-25404747/50/51	rtgs.tbsb@thanebharatbank.net; rtgs.tbsb@tbsbl.com
180	THE THANE DISTRICT CENTRAL COOPERATIVE BANK LIMITED	Tel: 022-25433510	edp@thanedistrictbank.com
181	THE UDAIPUR URBAN CO-OPERATIVE BANK LTD.	Tel: 8279128886	addlceo@uucbudaipur.com
182	THE VARACHHA COOPERATIVE BANK LIMITED	Tel: 0261-4008146/47	nefthelpdesk@varachhabank.com
183	THE VISHWESHWAR SAHAKARI BANK LIMITED	Tel: 020-24271397, 020-24261755/2745	treasury@vishweshwarbank.com
184	THE WEST BENGAL STATE COOPERATIVE BANK LTD	Tel: 033 4004 2721, 4000 0386	infoneft@wbstcb.com
185	THE ZOROASTRIAN COOPERATIVE BANK LIMITED	Tel: 022-22696050	rtgs.zcbl@zcbl.in
186	THRISSUR DISTRICT COOPERATIVE BANK LTD	04872329520	neftrtgs@thrissurdcb.com
187	TJSB SAHAKARI BANK LTD	Tel: 022-25838527	rtgs.tjsb@tjsb.co.in
188	TUMKUR GRAIN MERCHANTS COOPERATIVE BANK LIMITED	Tel : 0816-4021102/03, 0816-2257636	rtgs.tgmb@tgmcbank.com
189	UCB PERINTHALMANNA	Tel: 9447077586, 9447326689, 9447404902	info@ucbpmna.com; ucbpchiefacct@gmail.com; ucbpagm@gmal.com
190	UCO BANK	Tel: 022-66547342,7343,7344 & 7359	rtgsneftcell@ucobank.co.in
191	UJJIVAN SMALL FINANCE BANK	Tel: 080 40712193	ujjivan-neft@ujjivan.com
192	UNION BANK OF INDIA	Tel: 022 22896510 / 6587	neftcell@unionbankofindia.com
193	UNITED OVERSEAS BANK LIMITED	Tel: 022-42472814/11/12/15	uob.mumbai@uobgroup.com
194	UTKARSH SMALL FINANCE BANK LTD	Tel: 1800-123-9878	customercare@utkarsh.bank
195	VASAI JANATA SAHAKARI BANK	Tel: 0250 2308898/2308327; Mobile:7774038963; 8879001410	s.thakare@vjsbl.com; dc@vjsbl.com neft-rtgs@vjsbl.com martin.sequeira@vjsbl.com
196	VASAI VIKAS SAHAKARI BANK LIMITED	Tel: 0250-2326998, 0250-2326984	rtgs@vasaivikasbank.co.in
197	WOORI BANK	Tel: 044-33466952	rtgs.hvbk@wooribank.com
198	YES BANK	Tel: 18001200, 022-68547571, 022-50229981, 022-68548087	yestouch@yesbank.in; cfc@yesbank.in
199	SANT SOPANKAKA SAHAKARI BANK LTD.	Tel: 020-24444001 020-24444002 Mobile: 9763723710	rtgsneft@santsopankakabank.com; ad_gaikwad@santsopankakabank.com; am_gavali@santsopankakabank.com; sachin_jagtap@santsopankakabank.com; vs_pawar@santsopankakabank.com; edp@santsopankakabank.com; sp_ghare@santsopankakabank.com; vikas_jagtap@sopankakabank.com; an_shinde@santsopankakabank.com; dm_sabne@sopankakabank.com
200	ZILA SAHAKRI BANK LIMITED GHAZIABAD	Tel: 0120-2824884/85/86, 0120-2823955	rtgs.zsbl@zsblghaziabad.com
201	NAVJEEVAN CO-OP. BANK LTD.	Tel: 0251-2572101	navjeevanbank@njcb.in
202	VIJAY COOPERATIVE BANK	079-26587011 079-26581960 079-26580750	edp@vijaycooperativebank.com; agm@vijaycooperativebank.com
203	KERALA STATE CO-OPERATIVE BANK	0471-2547252, 0471-2547249	kscb@keralacobank.com; cobankcad@yahoo.co.in
204	Nilambur co –operative bank ltd	Hareesh VS: 9961766976 Rajeev R Nair: 9495762810	hareeshvs@nilamburcub.com; rajeevrnair@nilamburcub.com
205	Rajasthan Marudhara Gramin bank	Gaurav Agrawal : 7073454003 Gyan Prakash Gupta : 7073454371	psg@rmgb.in fac@rmgb.in
206	Saraspur Nagarik Co – Operative Bank	Dhaval Patel: 9727845001 Vishal Mistry: 9898177066 Ankur Patel: 9662625065	info@saraspurbank.com sncbank@gmail.com neftrtgssncbank@gmail.com
207	MALKAPUR URBAN CO-OP BANK LTD.	Tel: 9422207012 Rajesh Bapat(Asst. Manager)	bapatmlk@rediffmail.com
208	AJARA URBAN CO-OP BANK LTD.	Tel: 0232-3246084/ 8007030197/ 7798960981	headit@ajarabank.com; rtgs.rbi@ajarabank.com
209	UTTAR PRADESH CO-OPERATIVE BANK LTD	Tel: 0522-4151200 Ext-402 2623806, 2623740Mobile: 7525006048	rtgshelpdesk@upcbl.in itcell@upcbl.in
210	MUSLIM COOPERATIVE BANK LTD.	Tel: 020 – 26435007/ 020 - 24475215 / 24473521	nazimmulla72@gmail.com 0502ruby@gmail.com ahmed@muslimcooperativebank.com
211	ODISHA STATE COOPERATIVE BANK LTD.	Tel: 0674-2375100/2510528	oscb.cbs2013@gmail.com
212	SATARA SAHAKARI BANK LTD	Tel: 8108479999, 022-24124743, 022-24146371	rtgsneft@satarabank.net, info@satarabank.net
213	PUSAD URBAN COOPERATIVE BANK LTD.	Tel: 0712-2292644, 7888097938	ho@pucbl.org, rtgs@pucbl.org, nagpur@pucbl.org
214	COASTAL LOCAL AREA BANK LTD	0866-2494425/26	rtgs.neft@coastalareabank.com
215	THE PUNJAB STATE COOPERATIVE BANK LTD.	Tel: 0172-5067016	neftrtgs@pscb.in
216	THE NAWANAGAR CO-OPERATIVE BANK LTD.	Tel: 0288-2563984/85	rtgsneftops@nawanagarbank.co.in
217	ARVIND SAHAKARI BANK LTD.	Tel: 9860304002, 9860361472, 9765861919	asbl_ho@arvindbank.com ravi.harjal@arvindbank.com yogesh.wankhede@arvindbank.com vaishali.moundekar@arvindbank.com
218	Sree Charan Souhardha Co-operative Bank Ltd	080 - 26676837 080 - 26606836 +91 9901453378 +91 9901453385	manager.accounts@sreecharanbank.com it.support@sreecharanbank.com it.head@sreecharanbank.com
219	Janatha Seva Co-operative Bank Ltd.	080-29776055, 080-23504924, 080-23110019, 9980846055	jscbneftcell@jscbl.com jscbrtgscell@jscbl.com girishbg@jscbl.com yogesh.b@jscbl.com geetha.c@jscbl.com
220	Bombay Mercantile Co-operative Bank Ltd.	022-23019825	cfc@bmcbank.co.in
221	Jila Sahakari Kendriya Bank Maryadit Rajnandgaon	07744-223620, 220409, 224408	cbs@jskbrjn.com, account@jskbrjn.com, jskbrajnandgaon@jskbrjn.com
222	The Banaskantha Mercantile Co-Operative Bank Ltd.	02742-253849 7573031002	rtgsdesk@bmcbbank.com; admin@bmcbbank.com
223	The Satara District Central Co-Op Bank Ltd.	02162-236036	rtgsneft@sataradccb.com
224	The Malad Sahakari Bank Ltd.	022-7506444054/55, 022-28838636, 022-28889898	accounts@maladbank.com it@maladbank.com
225	The Akola Urban Co-operative Bank Ltd., Akola	0724-2453851	rtgs@aucbakola.com
226	Smriti Nagrik Sahakari Bank Maryadit, Mandsaur	07422-405622	smritibank@smritibank.com
227	Pavana Sahakari Bank Ltd Pune	020-67171600 020-67171601	neftrtgs@pavanabank.com
228	Chhattisgarh Rajya Gramin Bank	0771-4388819	psg@cgbank.in
229	The Meghalaya Co-Operative Apex Bank Ltd.	0364-2224160 0364-2226169	headoffice@megcab.com
230	Shree Kadi Nagarik Sahakari Bank Ltd.	02764-263500, 9904997770, 8511074025	it@knsb.in; info@knsb.in; support@knsb.in
231	Saurashtra Gramin Bank	0281-2482422	neft-rtgs_support@sgbrrb.org
232	Unity Small Finance Bank Limited	022-42159421 / 557	payments@unitybank.co.in
233	The Burdwan Central Cooperative Bank Ltd	8373077670, 8373099601, 8373077636	rtgs@burdwanccb.in; hofund@burdwanccb.in

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Guidelines for the Trade Receivables Discounting System (TReDS)

পিডিএফ (174 KB)

Guidelines for the Trade Receivables Discounting System (TReDS)

Date : জুলাই 02, 2018

Guidelines for the Trade Receivables Discounting System (TReDS)
(Updated as on July 2, 2018) Micro, Small and Medium Enterprises (MSMEs), despite the important role played by them in the economic fabric of the country, continue to face constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. In order to address this pan-India issue through setting up of an institutional mechanism for financing trade receivables, the Reserve Bank of India had published a concept paper on “Micro, Small & Medium Enterprises (MSME) Factoring-Trade Receivables Exchange” in March 2014. 2. Based on the public comments received on the concept paper and the subsequent draft guidelines issued for setting up and operating the system, and interactions held with relevant stakeholders, the following guidelines are being issued for setting up and operating the trade receivables system in the country. These Guidelines are issued by Reserve Bank of India under Section 10(2) read with Section 18 of Payment & Settlement Systems Act, 2007 (Act 51 of 2007). Scheme 3. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of MSMEs from corporate and other buyers, including Government Departments and Public Sector Undertakings (PSUs), through multiple financiers will be known as Trade Receivables Discounting System (TReDS). 4. The TReDS will facilitate the discounting of both invoices as well as bills of exchange. Further, as the underlying entities are the same (MSMEs and corporate and other buyers, including Government Departments and PSUs), the TReDS could deal with both receivables factoring as well as reverse factoring so that higher transaction volumes come into the system and facilitate better pricing. 5. The transactions processed under TReDS will be “without recourse” to the MSMEs. Definitions 6. For the purpose of the Scheme, notwithstanding any other definition used in any other context, scheme, law or document, the following definitions are used: a) Factoring unit - a standard nomenclature used in the TReDS for an invoice or a bill on the system. Factoring Units may be created either by the MSME seller (in the case of factoring) or by corporate and other buyers, including Government Departments and PSUs, (in case of reverse factoring) as the case may be. b) Financier – refers to banks, NBFC Factors and other financial institutions as permitted by the Reserve Bank of India participating in the TReDS and accepting the factoring unit for financing purpose. Participants 7. MSME sellers, corporate and other buyers, including the Government Departments and PSUs, and financiers (banks, NBFC Factors and other financial institutions as permitted by the Reserve Bank of India) will be direct participants in the TReDS. The TReDS will provide the platform to bring these participants together for facilitating uploading, accepting, discounting, trading and settlement of the invoices / bills of MSMEs. The bankers of sellers and buyers may be provided access to the system, where necessary, for obtaining information on the portfolio of discounted invoices / bills of respective clients. The TReDS may tie up with necessary technology providers, system integrators and entities providing dematerialisation services for providing its services. Process flow and procedure 8. The objective of the TReDS is to facilitate financing of invoices / bills of MSMEs drawn on corporate and other buyers, including the Government Departments and PSUs, by way of discounting by financiers. To enable this, the TReDS has to put in place suitable mechanism whereby the invoice / bill is converted into “factoring unit” as indicated in the Annex. 9. In the first phase, the TReDS would facilitate the discounting of these factoring units by the financiers resulting in flow of funds to the MSME with final payment of the factoring unit being made by the buyer to the financier on due date. In the second phase, the TReDS would enable further discounting / re-discounting of the discounted factoring units by the financiers, thus resulting in its assignment in favour of other financiers. 10. The process flow of the TReDS has to enable at the minimum, the uploading of invoices/bills and creation of factoring units by the MSME sellers; its acceptance by the corporate and other buyers, including the Government Departments and PSUs, within a specified time limit; discounting, rating and re-discounting of factoring units; sending of notifications at each stage to the relevant parties to the transaction; reporting and MIS requirements; and finally, generation and submission of settlement of obligations. In case of reverse factoring, the buyer could also create factoring units based on the documents uploaded by the MSME seller. A brief illustrative outline of the minimum features required in the process flow is given in the Annex. 11. The actual business, technical and operational processes and procedures to be followed in the system will be prepared by the entity operating the TReDS, and will be part of the Procedural Guidelines for the system. 12. The TReDS may also undertake some random audits to ensure that the factoring units uploaded on the exchange are authentic & based on genuine underlying transactions involving the sale of goods or services. 13. TReDS would put in place a standardized mechanism / process for on-boarding of buyers and sellers on the TReDS. This one-time on-boarding process will require the entities to submit all KYC related documents to the TReDS, along with resolutions / documents specific to authorised personnel of the buyer, and the MSME seller. Such authorised personnel would be provided with IDs / Passwords for TReDS authorisations (multi-level). Indemnity in favour of TReDS, if required, may also be given if it is made part of the standardized on-boarding process. 14. The KYC documentation and its process may be standardised and disclosed to all stakeholders by TReDS. As it requires confirmation of the banker of the MSME seller / buyer, as the case may be, the KYC documentation may be synchronous with the documentation / verification done by the banks in adherence to the extant regulatory requirements (Reserve Bank of India’s “Master Direction - Know Your Customer (KYC) Direction, 2016” dated February 25, 2016 (as amended from time to time)). 15. There would be a one-time agreement drawn up amongst the participants in the TReDS: a) Master agreement between the financier and the TReDS, stating the terms and conditions of dealings between both the entities. b) Master agreement between the buyers and the TReDS, stating the terms and conditions of dealings between both the entities. This agreement should clearly capture the following aspects: The buyer’s (corporates and other buyers including government departments and PSUs as the case may be) obligation to pay on the due date once the factoring unit is accepted online. No recourse to disputes with respect to quality of goods or otherwise. No set offs to be allowed. c) Master agreement between the MSME sellers and the TReDS, stating the terms and conditions of dealings between both the entities. The agreement should also have a declaration / undertaking by the MSME seller that, in respect of goods and services underlying the factoring unit, no finance is extended by the working capital financing bank and such goods and services are not charged to the working capital financing bankers (i.e., finance availed through the TReDS would not be part of existing charge / hypothecation of its working capital bankers). d) In case of financing on the basis of invoices, an assignment agreement would need to be executed between the MSME seller and the financier. Alternatively, this aspect may be incorporated in the agreement between the MSME seller and the financier, to the effect that any financing transaction on TReDS will tantamount to an assignment of receivables in favour of whoever is the financier. e) The TReDS will be in custody of all the agreements. 16. Other procedural aspects of TReDS functioning and operations may be incorporated either in the Master Agreement, if so necessitated by the participants, or in the Procedural Guidelines where applicable. In all instances, such procedural aspects, even if incorporated in the Master Agreements, should be in adherence to regulatory norms issued from time to time. The Master Agreement may also clearly indicate that any legal proceedings to be initiated by one entity against another, if at all, will be outside the purview of TReDS. 17. TReDS will also review the need for CERSAI registration for the assignments as indicated above, and put in place a suitable mechanism for the same (preferably driven automatically through the TReDS), as soon as feasible after a factoring unit has been accepted for financing by a financier. Settlement process 18. Critical to the operations of the TReDS is the mechanism that ensures timely settlement of funds between the member financiers and the MSME sellers (when the factoring unit is financed) and the subsequent settlement of funds between the member buyers and the respective financiers on due date of the factoring unit. In order to ensure a smooth process of such payments, the TReDS would be required to: a) Trigger settlement between financier and MSME for accepted bids - In respect of all factoring units financed on a given day, the TReDS will generate the payment obligations of all financiers on T+2 basis and send the file for settlement in any of the existing payment system as agreed among the system participants. The TReDS would have to put in place a separate recourse mechanism to handle settlement failures in respective payment systems. b) Trigger settlement between the buyer and the ultimate financier on due date - the TReDS would generate the payment obligations file and send the same for settlement on due date to the relevant payment system. 19. The TReDS will generate the settlement files and send the same to existing payment systems for actual payment of funds. This would ensure that the inter-bank settlement (between the bankers representing member MSMEs, buyers and the financiers) will take place and defaults, if any, by the buyers will be handled by the buyer’s bank and will not be the responsibility of the TReDS. Hence, the settlement process ensures payments to relevant recipients on due date, thus, facilitating the smooth operations on the TReDS. However, it would not entail a guaranteed settlement by the TReDS. 20. The TReDS would be required to put in place a mechanism for bankers to report defaults in payments by buyers. The TReDS would also need to ensure adequate arbitration and grievances redressal mechanism is in place. Regulatory framework for TReDS 21. The TReDS, which undertakes clearing and settlement activities, would be governed by the regulatory framework put in place by the Reserve Bank of India under the Payment and Settlement Systems Act 2007 (PSS Act). It will function as an authorised payment system under the PSS Act 2007. The activities of the TReDS as well as those of the participants in the TReDS would be governed by the relevant legal and regulatory provisions applicable to various stakeholders in the system. As such, the processes and procedures of the TReDS should be compliant with such legal and regulatory provisions which may be issued and amended from time to time by respective authorities. Eligibility criteria to set up and operate the TReDS 22. Entities desirous of setting up and operating the TReDS should fulfil the following criteria. (a) Financial Criteria (i) Since the TReDS will not be allowed to assume any credit risk, its minimum paid up equity capital shall be Rs. 25 crore. (ii) The foreign shareholding in the TReDS would be as per the extant foreign investment policy. (iii) Entities, other than the promoters, will not be permitted to have shareholding in excess of 10 per cent of the equity capital of the TReDS. (iv) The overall financial strength of the promoters/entity seeking to set up TReDS would be an important criteria of assessment/selection. (b) Due diligence of promoters The entities and their promoters/promoter groups as defined in the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 should be ‘fit and proper’ in order to be eligible to operate as TReDS. RBI would assess the ‘fit and proper’ status of the applicants on the basis of their past record of sound credentials and integrity; financial soundness and track record of at least 5 years in running their businesses. RBI may, inter alia, seek feedback on the applicants on these or any other relevant aspects from other regulators, and enforcement and investigative agencies like Income Tax, CBI, Enforcement Directorate, SEBI, etc. as deemed appropriate. (c) Technological capability The TReDS should have sound technological basis to support its operations. As such, the TReDS should, at the minimum, fulfil the following technological requirements. TReDS shall be able to provide electronic platform for all the participants. Information about bills/ invoices, discounting and quotes shall be disseminated by the TReDS in real time basis, supported by a robust MIS system. The TReDS shall have a suitable Business Continuity Plan (BCP) including a disaster recovery site. The TReDS shall have an online surveillance capability which monitors positions, prices and volumes in real time so as to check system manipulation. Application procedure for Authorisation 23. The general guidelines as well as the application format for any non-bank entity to seek authorisation under the PSS Act for operating a payment system are available at /documents/87730/21647585/86707.pdf 24. Entities meeting the eligibility criteria as outlined in the Guidelines and desirous of setting up the TReDS, may apply in the prescribed format to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, 14th Floor, Central Office Building, Shaheed Bhagat Singh Marg, Mumbai – 400001, as and when the window for receipt of applications for this purpose is opened. Annex Illustrative Outline of Process flow under TReDS a) Corporate and other buyers, including Government Departments and Public Sector Undertakings, send purchase order to MSME seller (outside the purview of the TReDS). b) MSME seller delivers the goods along with an invoice. There may or may not be an accepted bill of exchange depending on the trade practice between the buyer and the seller (outside the purview of the TReDS). c) Thereafter, on the basis of either an invoice or a bill of exchange, the MSME seller creates a ‘factoring unit’ (which would be a standard nomenclature used in the TReDS for an invoice or a bill on the system) on TReDS. Subsequently, the buyer also logs on to TReDS and flags this factoring unit as ‘accepted’. In case of reverse factoring, this process of creation of factoring unit could be initiated by the buyer. d) Supporting documents evidencing movement of goods etc. may also be hosted by the MSME seller on the TReDS in accordance with the standard list or check-list of acceptable documents indicated in the TReDS. e) The TReDS will standardise the time window available for buyers to ‘accept’ the factoring units, which may vary based on the underlying document – an invoice or bill of exchange. f) The TReDS may have either a single or two separate modules for transactions with invoices and transactions with Bills of Exchange, if so required. In either case, all transactions routed through TReDS will, in effect, deal with factoring units irrespective of whether they represent an invoice or a bill of exchange. g) Factoring units may be created in each module as required. Each such unit will have the same sanctity and enforceability as allowed for physical instruments under the “Factoring Regulation Act, 2011” or under the “Negotiable Instruments Act, 1881” h) The standard format / features of the ‘factoring unit’ will be decided by the TReDS – it could be the entire bill/invoice amount or an amount after adjustment of tax / interest etc. as per existing market practice and as adopted as part of the TReDS procedure. However, each factoring unit will represent a confirmed obligation of the corporate and other buyers, including Government Departments and PSUs, and will carry the following relevant details – details of the seller and the buyer, issue date (could be the date of acceptance), due date, tenor (due date – issue date), balance tenor (due date – current date), amount due, unique identification number generated by the TReDS, account details of seller for financier’s reference (for credit at the time of financing), account details of buyer for financier’s reference (for debit on the due date), the underlying commodity (or service if enabled). i) The TReDS should be able to facilitate filtering of factoring units (by financiers or respective sellers / buyers) on any of the above parameters. In view of the expected high volumes to be processed under TReDS, this would provide the necessary flexibility of operations to the stakeholders. j) The buyer’s bank and account details form an integral feature of the factoring unit. The creation of a factoring unit on TReDS shall result in automatic generation of a notice / advice to the buyer’s bank informing them of such units. k) These factoring units will be available for financing by any of the financiers registered on the system. The all-in-cost quoted by the financier will be available on the TReDS. This price can only be viewed by the MSME seller and not available for other financiers. l) There will be a window period provided for financiers to quote their bids against factoring units. Financiers will be free to determine the time-validity of their bid price. Once accepted by the MSME seller, there will be no option for financiers to revise their bids quoted online. m) The MSME seller is free to accept any of the bids and the financier will receive the necessary intimation. Financiers will finance the balance tenor on the factoring unit. n) Once a bid is accepted, the factoring unit will get tagged as “financed” and the funds will be credited to the seller’s account by the financier on T+2 basis (T being the date of bid acceptance). The actual settlement of such funds will be as outlined under the Settlement section. o) Once an accepted factoring unit has been financed by a financier, notice would be sent to buyer’s bank as well as seller’s bank. While the buyer’s bank would use this information to ensure availability of funds and also handle the direct debit to the buyer’s account on the due date in favour of the financier (based on the settlement obligations generated by the TReDS), the seller’s bank will use this input to adjust against the working capital of the MSME seller, as necessary (the TReDS procedures may, if necessary, also indicate that the proceeds of the accepted and financed factoring units will be remitted to the existing working capital / cash credit account of the MSME seller). If agreed by members, the TReDS may also provide the option to members, whereby the financiers would take direct exposure against the buyers rather than through their bankers. p) On the due date, the financier will have to receive funds from the buyer. The TReDS will send due notifications to the buyers and their banks advising them of payments due. The actual settlement of such funds will be as outlined under the Settlement section. q) Non-payment by the buyer on the due date to their banker should tantamount to a default by the buyer (and be reported as such as per regulatory procedures prescribed from time to time) and enable the banker to proceed against the buyer. Any action initiated in this regard, will be strictly non-recourse with respect to the MSME sellers and outside the purview of the TReDS. r) These instruments may be rated by the TReDS on the basis of external rating of the buyer, its credit history, the nature of the underlying instrument (invoice or bill of exchange), previous instances of delays or defaults by the buyer with respect to transactions on TReDS, etc. s) The rated instruments may then be further transacted / discounted amongst the financiers in the secondary segment. t) Similar to the primary segment, any successful trade in the secondary segment will also automatically result in a direct debit authority being enabled by the buyer’s bank in favour of the financier (based on the settlement obligations generated by the TReDS). In parallel, it will also generate a ‘notice of assignment’ intimating the buyer to make the payment to the new financier. u) In the event that a factoring unit remains unfinanced, the buyer will pay the MSME seller outside of the TReDS. In order to meet the requirements of various stakeholders, the TReDS should ensure to provide various types of MIS reports including intimation of total receivables position, financed and unfinanced (to sellers); intimation of outstanding position, financed and unfinanced with details of beneficiaries and beneficiary accounts to be credited (for buyers); total financed position for financiers; etc. Similarly, data on unfinanced factoring units in the market should also be made available by the TReDS. The system should also generate due date reminders to relevant parties, notifications to be issued to bankers when a factoring unit is financed, notifications to be issued to buyers once a factoring unit related to their transaction is traded in the secondary segment, etc.

Guidelines for the Trade Receivables Discounting System (TReDS)

(Updated as on July 2, 2018)

Scheme

5. The transactions processed under TReDS will be “without recourse” to the MSMEs.

Definitions

6. For the purpose of the Scheme, notwithstanding any other definition used in any other context, scheme, law or document, the following definitions are used:

Participants

Process flow and procedure

15. There would be a one-time agreement drawn up amongst the participants in the TReDS:

a) Master agreement between the financier and the TReDS, stating the terms and conditions of dealings between both the entities.

b) Master agreement between the buyers and the TReDS, stating the terms and conditions of dealings between both the entities. This agreement should clearly capture the following aspects:

The buyer’s (corporates and other buyers including government departments and PSUs as the case may be) obligation to pay on the due date once the factoring unit is accepted online.
No recourse to disputes with respect to quality of goods or otherwise.
No set offs to be allowed.

e) The TReDS will be in custody of all the agreements.

Settlement process

Regulatory framework for TReDS

Eligibility criteria to set up and operate the TReDS

22. Entities desirous of setting up and operating the TReDS should fulfil the following criteria.

(a) Financial Criteria

(i) Since the TReDS will not be allowed to assume any credit risk, its minimum paid up equity capital shall be Rs. 25 crore.

(ii) The foreign shareholding in the TReDS would be as per the extant foreign investment policy.

(iii) Entities, other than the promoters, will not be permitted to have shareholding in excess of 10 per cent of the equity capital of the TReDS.

(iv) The overall financial strength of the promoters/entity seeking to set up TReDS would be an important criteria of assessment/selection.

(b) Due diligence of promoters

The TReDS should have sound technological basis to support its operations. As such, the TReDS should, at the minimum, fulfil the following technological requirements.

TReDS shall be able to provide electronic platform for all the participants.
Information about bills/ invoices, discounting and quotes shall be disseminated by the TReDS in real time basis, supported by a robust MIS system.
The TReDS shall have a suitable Business Continuity Plan (BCP) including a disaster recovery site.
The TReDS shall have an online surveillance capability which monitors positions, prices and volumes in real time so as to check system manipulation.

Application procedure for Authorisation

Annex

Illustrative Outline of Process flow under TReDS

a) Corporate and other buyers, including Government Departments and Public Sector Undertakings, send purchase order to MSME seller (outside the purview of the TReDS).

e) The TReDS will standardise the time window available for buyers to ‘accept’ the factoring units, which may vary based on the underlying document – an invoice or bill of exchange.

m) The MSME seller is free to accept any of the bids and the financier will receive the necessary intimation. Financiers will finance the balance tenor on the factoring unit.

s) The rated instruments may then be further transacted / discounted amongst the financiers in the secondary segment.

u) In the event that a factoring unit remains unfinanced, the buyer will pay the MSME seller outside of the TReDS.