RTGS

The RBI has asked the National Payments Corporation of India to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds. All banks that are direct members or sub-members of Real Time Gross Settlement (RTGS) System and National Electronic Funds Transfer (NEFT) System are advised to offer this facility no later than April 1, 2025, the Reserve Bank said in a circular on Monday. Currently, the Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) systems enable a remitter to verify the name of the beneficiary before initiating a transfer. "It has been decided to put in place a similar facility that would enable a remitter to verify the beneficiary bank account name before initiating a transaction using RTGS or NEFT system," it said. RBI has advised the National Payments Corporation of Indi

In a significant ruling, the Delhi High Court has asked the Reserve Bank of India to expeditiously activate the process of verifying the receiver's name in RTGS and NEFT payment methods Justice Pratibha M Singh said such a system was crucial to prevent cyber frauds and a delay could likely impact thousands of innocent consumers who made payments without realising who the beneficiary was. The system shall be implemented by all banks, it said. The court was hearing a batch of pleas over the misuse of trademark of several entities by fraudulent websites to dupe innocent people. "Steps being taken by the RBI for implementation of the said Beneficiary's Name Lookup Facility for RTGS and NEFT transactions are extremely crucial to prevent cyber fraud like the kind of fraudulent activity that are being dealt with in this case. The RBI shall, without any delay, create the said facility referred to as, Beneficiary's Name Lookup Facility," said the court on December 21. The court said a dela

Information of all departments should be integrated through Real Time Governance Society (RTGS) to monitor it all together, Naidu said during a review with officials of the Chief Minister's Office

During this period, bank customers can opt for NEFT, IMPS, or UPI through iMobile or Internet Banking as alternative options

Money transfer facility's expansion could be achieved through bilateral or multilateral arrangements

Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver before initiating a payment transaction

Special clearing operations for cheques

RBI offices dealing with government business and all designated branches of agency banks will keep their counters open as per normal working hours on Saturday and Sunday for the convenience of taxpayers. Electronic transactions can be done till the stipulated time on both days (March 30 and March 31), the Reserve Bank said in a statement on special measures for the current financial year (2023-24), in wake of annual closing of government accounts. "Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2024," it said with a view to provide greater convenience to taxpayers. In order to facilitate government receipts and payments, necessary arrangements have also been made to conduct special clearing operations across the country, it added. "Special clearing will be conducted for government cheques both on March 30 and 31, 2024. Agency banks are hereby advised that all cheques

Users will soon be able to transfer money up to Rs 5 lakh through IMPS by deploying the mobile number and bank account name of the receiver

Banks earn less for keeping money in SDF, at 6.25 per cent, while call money rates hover around 6.70 per cent

With the Home Ministry mandating SBI to report all details of overseas donors, including purpose of remittances on daily basis, the Reserve Bank of India (RBI) on Thursday made necessary changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions. Under the FCRA, foreign contributions must be received only in the "FCRA account" of State Bank of India (SBI), New Delhi Main Branch (NDMB). The contributions to the FCRA account are received directly from foreign banks through SWIFT and from Indian intermediary banks through NEFT and RTGS systems. In a circular, the RBI said in terms of extant requirements of the Ministry of Home Affairs (MHA), the donor details such as name, address, country of origin, amount, currency, and purpose of remittance are required to be captured in such transactions and SBI is required to report the same to MHA on daily basis. "...necessary changes have been introduced in NEFT and RTGS systems," RBI said, adding the

Court also asks Centre to file a reply in the case in six weeks; next hearing on March 20

The RBI has asked for feedback and suggestions before October 3

Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries, states the discussion paper

Real Time Gross Settlement or RTGS system has cut short the risk to high-value payment settlements among financial institutions. It is used by central banks worldwide. Find out more about the system

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Centralised Payment Systems' access will also help lower cost of payments for non-banks, reduce their dependence on banks, says RBI

Cash withdrawal through ATMs, transactions through NEFT and RTGS also decline

The Real Time Gross Settlement (RGTS) service for fund transfers will not be available for 14 hours on April 18, the Reserve Bank of India (RBI) has said.

RBI urged the member banks to inform their customers to plan their payment operations accordingly