The real time gross settlement system (RTGS), which is the center piece of the proposed integrated payment system for banks and financial institutions, is expected to be delivered to banks in October 2003, while banks are scheduled to go live on the new system in January 2004.
Stating this in a communication, the Institute for Development and Research in Banking Technology (IDRBT), a Reserve Bank of India (RBI) arm, has asked all the banks which have not so far installed the Structured Financial Messaging System (SFMS) to go for it.
The institute has released a new version of SFMS, version 2.3 combining the gateway and branch server modules in one server.
RTGS will enable real time and on-line fund management for the financial system.
