The Reserve Bank of India has invited views/comments of all stake-holders and the public at large on the Report of Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber frauds (Chairman: Shri G. Gopalakrishna, Executive Director, Reserve Bank of India). Comments/suggestions/views may be forwarded latest by February 14, 2011 to the Chief General Manager-in-Charge, Department of Banking Supervision, Central Office, 3rd Floor, Wo

The Reserve Bank of India has today placed on its website the report of the Working Group on information security, electronic banking, technology risk management, and cyber frauds. The Working Group (Chairman: Shri G.Gopalakrishna, Executive Director, RBI) was established following the announcement in the April 2010 Monetary Policy Statement, which recommended enhancing RBI guidelines relating to the governance of IT, information security measures to tackle cyber frau

The TimesofMoney Ltd., 4th Floor, Times Tower Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai–400013 has, on September 23, 2010, voluntarily surrendered the Certificate of Authorisation given by the Reserve Bank of India. The Reserve Bank of India had, on April 05, 2010, issued Certificate of Authorisation (34/2010) to the TimesofMoney Ltd. under the Payment and Settlement Systems Act, 2007 for operating Payment System for issuance of Pre-paid P

Shri V.Leeladhar, Deputy Governor, Reserve Bank of India today inaugurated the National Electronic Clearing Service (NECS) at a function at the Reserve Bank's National Clearing Centre (NCC), Mumbai. The service aims to centralise the Electronic Clearing Service (ECS) operation and bring in uniformity and efficiency to the system. ECS was introduced in the early nineties and is operational at 74 locations at present, facilitating easy payments and collections for repet

Based on the comments received from public the Reserve Bank of India has modified its earlier draft operating guidelines on mobile payments in India. The modified guidelines are now placed on the website. Comments if any can be e-mailed or faxed to 022-22691557 or letter addressed to Chief General Manager, Reserve Bank of India, Department of Payment and Settlement Systems, Central Office, 14th floor, Central Office Building, SBS Marg, Mumbai 400001 latest by Septembe

The Payment and Settlement Systems Act, 2007 (51 of 2007) and the Payment and Settlement Systems Regulations, 2008 have been notified and have come into effect from August 12, 2008. The Payment and Settlement Systems Act stipulates that no person other than the Reserve Bank, shall commence or operate a payment system except under and in accordance with an authorisation issued by the Reserve Bank under the provisions of the Act. All persons currently operating a paymen

The Reserve Bank of India (RBI) will introduce, from June 25, 2008, 'Speed Clearing' for outstation cheques for all the member banks in the jurisdiction of Brihan-Mumbai Bankers' Clearing House (BBCH). 'Speed Clearing' leverages the technology of core or centralised banking solution (CBS) of banks which enables them to access details of all account holders from any branch. Banks including public sector, private sector, cooperative and foreign banks, which are members

With the rapid growth in the number of mobile phone subscribers in India banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or an

The Reserve Bank of India has today placed on its website draft regulations framed under the Payment and Settlement Systems Act 2007 for public comments. Comments can be sent to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, Shaheed Bhagat Singh Marg, Mumbai (fax number: 022- 22659566) or may be e-mailed latest by May 15, 2008. It may be recalled that the Payment and Settlement Systems Bill was passed by

Recognising the importance of ensuring the safety, security of the payment systems, the Reserve Bank of India (RBI) has put in place three modes of electronic payments i.e. Real time Gross Settlement (RTGS) System, National Electronic Fund Transfer (NEFT) System and Electronic Clearing Service (ECS). Payments by these modes have been steadily growing in the last few years. An internal Working Group set up by the Reserve Bank to examine the various issues related to mi

The Approach Paper on "ATMs of Banks: Fair Pricing and Enhanced Access" was placed on the website on 24th December 2007 for public comments. The comments received from the public as also banks were mostly in favour of the approach suggested in the paper.A paper examining the public comments and proposed guidelines in the form of circular to be issued to banks has been placed today on the RBI website. Comments can be e-mailed or faxed to 022-22659566 or letter addresse

The Reserve Bank of India has today placed on its website the first Annual Report on the Payment and Settlement Systems in India. While there has been a number of initiatives for spreading the payment system network such as National Electronic Funds Transfer (NEFT) System, Electronic Clearing Services (ECS), Real Time Gross Settlement (RTGS) System and National Financial Switch (NFS), the feedback received showed that the level of awareness and familiarity with paymen

A vision document on technology and the financial sector was published in the public domain of the Reserve Bank of India's website in July 2005. With rapid changes in technology and the achievement of the plans outlined, this vision document was taken up for improvement and has since been enhanced to cover the immediate short term period between 2008 and 2010. Reserve Bank of India has today placed on its website (www.rbi.org.in) the revised draft Financial Sector Tec

The Reserve Bank of India has today placed on its website the report of Working Group on preparing Guidelines for Access to Payment Systems for public comments. Comments may be addressed to the Chief General Manager, Reserve Bank of India, Department of Payment & Settlement Systems, Central Office, Fort, Mumbai 400001 or sent by <a href=# onclick=javascript:document.open('Bs_RbiEmailfeedback.aspx?name=rbi1','query_pop','width=460,height=330,top=90,left=520');re

The Advisory Group on Information Technology for Financial Inclusion, set up by Reserve Bank of India, for evolving common/comparable standards for enabling IT based solutions for banking services, had suggested that a separate working group be constituted to deliberate and suggest suitable standards for raw images (finger prints). The Working Group constituted in April 2007 under the convenorship of Dr. A.M. Pedgaonkar, Chief General Manager, Department of Informatio

The coverage of the Reserve Bank of India's Real Time Gross Settlement (RTGS) System has exceeded 15,000 bank branches in the country. The target was achieved two months ahead indicating the popularity of the funds transfer service. It may be recalled that the Reserve Bank of India introduced the RTGS System in March 2004 with four bank branches on a pilot basis, only for inter-bank transactions. Subsequently, customer-based transactions were also taken up. The RTGS S

The National Electronic Funds Transfer (NEFT) started live operations from Today. 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 between banks in the banking sector using Structured Financial Messaging Solution (SFMS) backbone. For the time being there will be a single settlement per day at 12.00 noon. To begin with 8 banks will be pa

The coverage of the Real Time Gross Settlement (RTGS) System exceeded the target of ten thousand bank branches in the country. Thanks to the aggressive strategies of the participating banks, the target was achieved six months ahead indicating thereby the popularity of the funds transfer service. It may be recalled that the RTGS System was introduced in March 2004 with just four bank branches on a pilot basis only for inter-bank transactions. Subsequently customer tran

The Reserve Bank of India today released the Vision Document for Payment and Settlement Systems. The document lists the accomplishments in the area of payment system during the last three years and gives a roadmap for its further advancement during the next three years. Safety, security, soundness and efficiency have been identified in the document as the key themes of the payment systems upgradation efforts. Whereas safety in payment and settlement systems relates to

The Reserve Bank of India has, today announced that its Real Time Gross Settlement (RTGS) System has been enabled for ‘Straight Through Processing’ at the participant’s, that is, the bank’s end for putting through customer transactions. Straight through processing of customer transactions will, upon receiving the credit advice, allow banks to directly credit the customer’s account without any manual intervention. This will facilitate introduction of T+1 settlement in

The Real Time Gross Settlement (RTGS) System was put in live operations from 9.00 am today. For the time being inter-bank transactions are being put through and the customer related transfers will be enabled in due course.After about two weeks, other banks/primary dealers will join the System in a phased manner. Depending on their full technical and other preparedness, eligible participants will join the System at an interval of a week. It is expected that all prospec

The Real Time Gross Settlement (RTGS) system is being implemented in two phases in India. Under the first phase, the RTGS system with the functionalities for inter-bank fund transfer and customer based inter-bank fund transfer has reached an advanced stage of implementation. The RTGS system has been tested and is currently undergoing trial run with the participation of four banks. It is a complex and critical system.As a measure of abundant caution and also to provide

Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India today urged banks to ensure complete infrastructural and human resources readiness, and connectivity and security at their end so that the Real Time Gross Settlement (RTGS) facilities could percolate to the ordinary customers. He added that one of the primary objectives of every central bank is to put in place a modern, robust, secure and integrated payment and settlement system to enable the common man to make

The Reserve Bank of India hosted the 32nd Board Meeting of the Asian Clearing Union (ACU) today, in Bangalore. The central bank Governors of Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka participated in the meeting. Two senior level officials from the Central Bank of Thailand also participated as observers. Formed in 1974, the ACU at present has eight members - Bangladesh, Bhutan, India, Iran, Myanmar, Nepal, Pakistan and Sri Lanka with headq

The Reserve Bank of India, in conjunction with the banks, has embarked upon a Special Electronic Funds Transfer (SEFT) Scheme. The Scheme would enable safe, secure and quick transfer of funds electronically across branches of banks at many centres of the country. The Scheme would be introduced from April 1, 2003, with the settlement taking place at Mumbai for inter-bank funds transfers.The salient features of the Scheme are:The Scheme is designed to provide for same d

The Reserve Bank of India has stated that the clearing house in Mumbai will not function on March 14, 2003 as the Government of Maharashtra has declared it as a holiday under the Negotiable Instruments Act, 1881 on account of Moharrum. Earlier, the holiday for Moharrum was declared on March 15, 2003. Now, the clearing house will function normally on March 15, 2003The clearing house in Reserve Bank of India in Mumbai will also remain closed on May 14, 2003 instead of M

Dr. Bimal Jalan, Governor, Reserve Bank of India today inaugurated the Currency Verification and Processing System (CVPS) in Mumbai Office of the Reserve Bank of India. The currency verification and processing systems have been installed in the Reserve Bank offices for faster and secured processing of soiled currency notes. Weeding out soiled currency notes and replacing them with fresh ones are part of the Clean Note Policy being followed by the Reserve Bank of India

The increase in the use of e-money in India in future could have far reaching effect on payments habit as also on the transmission mechanism of monetary policy. In order to examine these issues, the Reserve Bank of India had set-up a working group comprising officials from market participants and the Reserve Bank of India. The Chairman of the working group was Mr. Zarir J. Cama, Chief Executive Officer, Hongkong and Shanghai Banking Corporation. The working group subm

The Negotiated Dealing System (NDS) will become operational from January 15, 2002. The system will operationalise, to begin with, by allowing members of Negotiated Dealing System (NDS) to put their bids electronically for repos and reverse repos under the Liquidity Adjustment Facility (LAF). In other words, from this date, the NDS members will not have to put in their bids/ applications in physical form for LAF auctions held daily by the Reserve Bank of India. This wa