Urban Co-operative Banks (UCBs) allowed access to INFINET and RTGS membership and Current/SGL Accounts with the Reserve Bank

November 16, 2010: Reserve Bank of India has decided to allow Urban Co-operative Banks (UCBs) to maintain current account and SGL account with the Reserve Bank and also get membership of INFINET and RTGS.

Accordingly, RBI has notified :

to allow all licensed UCBs (other than those under all inclusive directions) the facility of Indian Financial Network (INFINET) membership, current and Subsidiary General Ledger (SGL) accounts with the Reserve Bank; and

to allow Real Time Gross settlement (RTGS) membership to only well managed and financially sound UCBs having a minimum net worth of Rs. 25 crore.

Banknet's 7th Annual Conference on Payment Systems will be organized on 19th January 2011 at Mumbai Strategy Sessions will have panel discussions & interactive Q&A session with the delegates on topics like RTGS, CTS, ACH, ECS, NECS, ATMs, POS, Cards, Mobiles Banknet's Annual Conference on Payments is the largest payments event in India and has on average attracted around 300 senior executives. .... Read More

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