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Press Coverage- Banknet India's Conference on Payment Systems in Banks- 17th January 2006
Banknet India's Conference on Payment Systems was attended by more than 500 and got a widespread coverage in the media. Conference was covered by The Times of India, The Economic Times, Business Standard, Financial Express, Hindu-Business Line, Indian Express, Deccan Herald, Doordarshan etc. For more details ... Click here
ATMs to come up in rural areas
The Economic Times
Mumbai , January 17, 2006
Reserve Bank of India (RBI) is keen on introducing low-cost Automatic Teller Machines (ATMs) in rural areas.
"ATMs are concentrated in a particular region of the country but too few in other areas. This anomaly should go. Banks should think of introducing low-cost ATMs in rural areas," RBI executive director R B Barman said on Tuesday on the sidelines of a conference organised by Banknet India here.
Humdrum opening of ATMs by banks in a particular region should be held back, he said, adding the Central bank would pursue banks to introduce such services in rural areas in order to extend the facility and ensure optimal use of ATMs.
The apex bank has already put in place Branch Authorization Policy in order to check overlapping of the branches.
Barman added that the apex bank was in talks with the banks to get rid of the problem. "A few experimentation on this front is currently on in the country," Barman said.
Premier academic institutions like IIT, Chennai and IIT, Mumbai are already working on the modalities of introducing low-cost ATMs, he added.
Informed sources at the central bank said RBI would pursue banks to allow customers of various banks to use a single ATM in a particular place in the rural area.
They said these ATMs would work as multi-service delivery channels providing better services to the customers.
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RBI in talks with banks to boost volumes in advance payment system products
The Financial Express
Banking Bureau, January 17, 2006
In a bid to increase the volume of business in advance payment system products, the Reserve Bank of India (RBI) has initiated discussion with the bankers.
In a late evening meeting held with the bankers on Monday, the RBI has chalked out the steps which would help the banks to push the volumes in advance payment system.
This was informed by Dr RB Barman, executive director, RBI, at the sidelines of a banking seminar, organised by Banknet India on Tuesday.
According to Dr Barman, “We have initiated discussion with the bankers and trying to figure out how to increase business volumes in the advance payment system mechanism. We believe there is a lot of potential in this area. We told the banks to push the business volumes in this system. They should try to create innovative delivery channels with suitable products. The products could be available through ATMs, website, bank branches and other routes.”
The banks were suggested to target the corporates, small and medium enterprises sector, small scale units and individuals with suitable products through appropriate delivery channels.
He also informed that the RBI is planning to extend the real time gross settlement (RTGS) mechanism to commodities and stock exchanges and government securities. The country’s central bank is also experimenting the idea of low cost ATMs in rural areas in order to increase ATM penetration in rural areas. RBI is discussing with premier educational institutions like Indian Institute of Technology Mumbai and Chennai for such an initiative. “We think it is possible to provide low cost ATMs in rural areas. We are also talking to the banking community to introduce low cost ATMs in those areas,” Dr Barman said.
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National Payment Corpn to be operational by April
The Hindu- Business Line
Our Bureau , January 17, 2006
THE umbrella organisation for undertaking retail payment and settlement systems, the National Payment Corporation of India, would be operational by April 1.
The Reserve Bank of India is in the process of registering this banks-owned company, said Dr R.B. Burman, Executive Director of RBI.
The company would be jointly owned by private, public and foreign banks, with no bank holding more than 10 per cent stake. "The organisation has progressed quite a bit to give shape to payment systems," he said.
Dr Burman was speaking on the sidelines of a seminar on "Payment Systems in Banks", organised by Banknet India.
The number of branches under the Real Time Gross Settlement has crossed 16,000 in 700 centres and covers 85 per cent of the volume of business, said Dr Burman. About banks charging high rates for RTGS transactions, he said the costs would come down as volumes increase. The target is to bring 5,000 more branches under RTGS by March and 10,000 more branches in another six months. RBI also wants to bring rural payment systems under RTGS, Dr Burman said.
"We are in dialogue with banks to bring more customer transactions under RTGS and also extend the services to commodity exchanges, stock markets and the G-Sec markets," he said.
The central bank is also working on the National Settlement System, under which clearing would be done centrally. This would help improve the liquidity pool of banks.
For rural customers, RBI is in talks with banks to provide low cost ATMs and smart cards.
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National clearing house likely by Apr
Business Standard
Banking Bureau , January 17, 2006
The Reserve Bank of India (RBI) would be setting up the National Payment Corporation of India (NPCI) - aimed at taking over all clearing house operations performed in the country - by April 2006.
The RBI is currently in the process of registering the company, said R B Barman, executive director, at Banknet India’s seminar on payment systems.
NPCI is being registered under Section 25 of the Companies Act, which implies that equity holders will not share profits earned by the company. The authorised capital of the company will be Rs 300 crore and the initial paid-up capital would be Rs 100 crore.
About 20 banks would join initially as equity holders and no single bank would hold more than 10 per cent. The banks include prominent players such as State Bank of India, ICICI Bank, Citibank, Union Bank of India, Bank of Baroda and HSBC.
The clearing house functions are at present carried out by RBI, SBI and a few other banks. These operations will be transferred to the new company once it comes into being. Once the new company starts functioning, RBI will focus only on regulatory issues.
The setting up of the NPCI is part of RBI efforts to build the appropriate technological infrastructure for the smooth functioning of the financial system. At the core of this drive is the development of a sound and efficient payment and settlement system.
The overall turnover of various payment and settlement systems in 2004-05 was up by 27.4 per cent to Rs 2,20,04,393 crore. The retail payments systems include the cheque clearing system and the electronic systems, including electronic clearing service, electronic funds transfer and card-based systems.
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RBI Keen on low –cost ATMs in rural areas
The Indian Express
ENS Economic Bureau, January 17, 2006
THE Reserve Bank of India (RBI) is keen on introducing low-cost automatic teller machines (ATMs) in rural areas in order to ensure optimal use of ATMs.
“ATMs are concentrated in a particular region of the country but too few in other areas. This anomaly should go. Banks should think of introducing low-cost ATMs in rural areas,’’ RBI executive director R B Barman told reporters today on the sidelines of a conference organized by Banknet India here.
Humdrum opening of ATMs by banks in particular region should be hold back, he said adding the central banks would pursue banks to introduce such services in rural areas in order to extend the facility and ensure optimal use of ATMs.
The apex bank has already put in place branch authorisation policy in order to check overlapping of the branches. Barman said that the apex bank was in talks with the banks to the check the problem.
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RBI to set up Single clearance System
The Times of India
Times News Network , January 18, 2006
The Reserve Bank of India plans to set up a National Payment Corporation of India which will own and operate all retail payment systems in the country. Commercial banks like State Bank of India, ICICI Bank, Punjab National Bank, Union Bank of India, Bank of Baroda, Canara Bank, and Citibank and HSBC will hold up to 10% stake in the new company.
The company will have an anthorised capital of Rs 300 crore and paid capital of Rs 100 crore. All retail clearing operations, both paper-based and electronic, will be managed and operated by this entity.” This company is being formulated under the aegis of the Indian Banks Association. It will be constituted and registered by April 1.This will act as a umbrella organisation and settle all retail payments,” said R B Barman executive director RBI on the sidelines of Banknet India seminar. Existing clearing houses will brought under.this umbrella organisation. “Setting up a separate entity will ensure it will pave this umbrella organisation. “ Setting up a separate entity will ensure it will pave the way for conducting all clearing at the national level which could expedite the clearing process and also do away with regional disparities ,” said a senior IBA official .
This is line with the international practice where retail clearing in entrusted to a separate legal entity at the national level and the monetary authority provides settlement services for all the clearing systems, besides being the regulator and supervisor of the payment and settlement system. At present, electronic clearing both for credit and debit operations, functions from 46 places (15 managed by the RBI and one by State of Indore).
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ATMs to be taken to rural areas
Deccan Herald
Mumbai, DHNS , January 18, 2006
The Reserve Bank of India (RBI) is keen on introducing low-cost Automatic Teller Machines (ATMs) in rural areas.
“Banks should think of introducing low-cost ATMs in rural areas,” RBI Executive Director R B Barman told reporters on Tuesday on the sidelines of a conference organised by Banknet India here.
Humdrum opening of ATMs by banks in a particular region should be held back, he said, adding the central bank would pursue banks to introduce such services in rural areas in order to extend the facility and ensure optimal use of ATMs.
The RBI has already put in place the Branch Authorisation Policy in order to check overlapping of the branches. Mr Barman added that the apex bank was in talks with the banks to get rid of the problem. “A few experimentations on this front are currently on in the country,” he said.
For more press related stories ... Click here
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Banknet India is focused on banking knowledge, research and conferences. Conferences organized by Banknet India are premier banking technology events with topical and relevant agenda with senior level participation from the banking and finance industry... Click here
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