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Reserve Bank of India to strengthen the framework for payment and settlement systems

--Conference on Payment Systems in Banks on the 10th January 2007 at Mumbai

The Reserve Bank of India (RBI) continues to strengthen the framework for payment and settlement systems and harness the full potential of information technology to improve operational efficiency. During 2006-07 so far, the focus has been on security of IT systems and development of electronic payment products.

In Mid-Term Review of the Annual Policy Statement for 2006-07, RBI has outlined the Status and Proposed Action in area of Electronic Payment Products-

1. The coverage of the RTGS system has increased significantly. By October 23, 2006 RTGS connectivity was available in 24,425 branches as against a target of 20,000 branches set for end-June, 2006. The number of monthly transactions of the system has exceeded 300,000.

2. The national electronic funds transfer (NEFT) system for electronic transfer of funds, which was operationalised on November 1, 2005 is now available at 9,096 branches.

3. The pilot project for cheque truncation system, which aims at enhancing efficiency in the retail cheque clearing sector, is expected to be implemented in New Delhi by end-December, 2006.

4. It was indicated in the Annual Policy Statement of April, 2006 that the National Settlement System (NSS) which aims at settling clearing positions of various clearing houses centrally would be introduced by end-December, 2006.

RBI has also urged the Banks to ensure that adequate and appropriate systems such as enhanced security measures and customer education are put in place in order to prevent malpractices in IT-based delivery channels of banks.

Banknet India's "Third Conference on Payment Systems in Banks" on 10th January 2007 at Mumbai, India will focus on Automated Clearing House, Electronic Clearing Services, RTGS, NEFT, Cheque Truncation, Electronic Payment Services, ATMs, Internet Banking, Mobile Banking, Card Payments, Technology & Security Issues in Electronic Payment Systems, International Remittances etc.Nearly 500 delegates are expected to attend the conference.

According to Anurag Khanna, CEO of Banknet India, this Conference will provide a unique opportunity to get first hand insight on Electronic Payment and Settlement Systems from the regulator and the top bankers. An exhibition will also be organized to showcase related products /services of major technology vendors.

To read about conference on payment systems in banks CLICK HERE


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