The Reserve Bank plans to upgrade its high-value online fund transfer system RTGS to enable handling of up to 50 lakh transactions a day and incorporate various new facilities for the bank customers. RTGS (Real Time Gross Settlement) system facilitates online transfer of high-value funds between bank customers of different banks on real-time basis and currently handles about three lakh transactions per day. 

Ever since RBI started RTGS system in March 2004, it has been highly successful and a preferred mode of inter-bank transfer of large-value funds by the customers of various banks, as funds get transferred almost instantaneously.

Keeping in view of the ever-rising usage of the system, RBI has decided to replace the existing RTGS system with a Next-Generation Real Time Gross Settlement (NG-RTGS) system, a senior official said.

The new system would be implemented for the entire banking and financial sector of the country and the exercise of replacing the existing RTGS system would be executed in various phases.

Currently, RTGS system, under which funds worth Rs 2 lakh or more can be transferred instantaneously, is handling an average of three lakh transactions per day, up from only 4,000 transactions when it was launched in 2004.

RBI expects 7 lakh transaction per day through RTGS very soon, 25 lakh transactions per day in five years and then about 50 lakh transactions per day in next 10 years.

To take care of the growing popularity of the system and a need for more robust fund-transfer system in an expanding economy, the RBI has decided to upgrade the existing system, the official said.

The new system would have initial capability of handling 7-12 lakh transactions a day and an upgradation potential of 25-50 lakh transactions every day, the official added.

Besides, the new system would also incorporate various new functions for the benefit of bank customers.

The NG-RTGS system would have advanced liquidity management features and queue management techniques and would allow the bank customers to initiate fund transfers for future dates and get information about the status of their transactions through SMS alerts.

As part of the project, the RBI has already sought expressions of interest from potential technology vendors and system integrators for implementing the new system.

The decision to upgrade the existing system was taken after a Working Group, comprising of representatives from RBI and select banks such as SBI, Punjab National Bank, ICICI Bank and HDFC Bank, submitted its report in August 2010 for implementation of the NG-RTGS.

The entire implementation of the new system is expected to be completed within two years.

Tags:

More Under Fema / RBI

40 Comments

  1. Prashant kale says:

    Respected sir I Mr.prashant abaso kale from maharastra I got mail from reserve bank of india regional office from regional manager satish sharma that your fund will be transfer amount 2.5cr in ur local account but for that you will pay 60999rs for UAC code getting. They created account in which amount is shown 2.5cr. Also I give customer I’d and password. Is that real or fake .pl rply on my mail. My mobile 9226261979

  2. Shivshankar Kk says:

    Hi sir , my self shivshankar kk I want to transfer my fund amount to my local account but RBI is asking to pay 60999rs for UAC code .I don’t have such amount to pay for that .what we have to do for that pls give any suggestions.

  3. Chhatrasinh chavada says:

    Sir mene ek hospital me se paise transfer karvaye the usme apgrating access code mangta hai to mene RBI se email kara tha to usne muje 60999 rupees dene ke liye bol rahe hai ,muje bola gaya ki aap paise bhar doge to automatica code hat jayegar aur transaction pura ho jayega to please sir kya muje bharna chahiye ke nahi

  4. Ajeesh says:

    Sir my friend to uk one parcel send me to hold air Port Delhi uk pound 380000 RBI to pay 3 lakhs 22thousand pay to money transfer My account this is true

  5. Rekha says:

    Hi sir,
    My friend have sent me courier with 50$.
    Now RBI is asking me to pay 15k.for account upgrade and international code to enable account.

  6. Aryan says:

    Ser hame ek massage aaya hai ki aapne bmw winer ki taraf se 3,9000000 rupye jeete hai aur in rupye ko translation ke liye 12,800 rupye pay kerna hogo tabhi hamare account me pesa aayega ab me kiya karoo mere account me pesa bhi nahi hai

  7. Ankit Gupta says:

    sir my friend paid me 10000$ for the process to transfer in my account they are asking to pay 29500 which is they said the converting charge i paid and again they said RBI asking 89000-/ rupees for account upgradation code

  8. Sawan kumar says:

    Sar Mujhe UK se ek message aaya tha ki aap ki lakiy draa se S100000 jite Hain aapka number draw main Aaya Hai sar vah Mujhse a 25000 rupaye Mang rahe hain upgrading code ke liye Sar Main Kya Karun mujhe kuchh Rai bataen

  9. Y Paul vineel says:

    Sir, we have received 30,000USD from one of my friends and also a package from trust. In order to receive the very package they asked me to pay 17,500 and for the anti terrorism and money laundering certificate I have paid 59,200 rupees they told me that we are going to transfer money to your account and package will be deliver to your home.They asked me all my bank details I have sent them. Now as they are telling to transfer money to my account I should enter account upgrading code,for this code they are asking again 1,25,000 rupees to pay.
    Sir please let me in a right way to get my money to my account

    Thank you so much

  10. Madhusudhan sp says:

    Respected sir
    This is Madhusudhan sp I got 20000 GBP Pounds from my friend who stays in uk through courier with some products
    For conversion and transfer amount 2 lakhs they have asked n paid also
    Now they they are asking if we transfer that amount into ur local bank you need to deposite 3.5 lakhs to obtain ACCOUNT UPGRADING CODE from RBI and also until transfer tht amount into ur account we won’t dispatch items
    SO PLZ GIVE A CLARITY ABOUT THIS MATTER we are so worried I have paid almost 4 lakhs
    But all of us worried plZ give clarity
    Name MADHUSUDHAN SP
    9164173545
    From INDIA IN KARNATAKA
    PLZ kindly give me clarity abt this matter

  11. Udhaya says:

    Hi sir I udhaya I have win the British fund amount 1 crore rs please help me he ask for account upgrading code and pay some particular amount deposed for other account

  12. AGINATI SRINATH says:

    Dear sir/ madam
    This is SRINATH,i got the mail from RBI remittance department, from award from UK. From this mail you won 4.75 crore amount. Is it true or not?? And also already i can make the payment for this (31000/-). After that they will ask the amount 21000/- for the purpose of account upgrading code. Was this is true or not? Can you please inform to me.my mail id: [email protected]
    And somebody called to me with UK number and some other numbers
    That contact details are
    1. Mrs. Jessica Alex and 8860624877
    2.+448712459634( this from UK)
    3. 8750101438
    Can you please check this and please help me and inform to me is it true or fake??

  13. AGINATI SRINATH says:

    Dear sir/ madam
    This is SRINATH,i got the mail from RBI remittance department, from award from UK. From this mail you won 4.75 crore amount. Is it true or not?? And also already i can make the payment for this (31000/-). After that they will ask the amount 21000/- for the purpose of account upgrading code. Was this is true or not? Can you please inform to me.my mail id: [email protected]

  14. Dilip Shukla says:

    Dear sir/madam,

    I am Dilip Shukla and i received a mail from CHEVROLET AUTOMOBILES, UK which stated that i have been chosen in some lucky draw where i am winning some amount of money and a car. So further as i was reading the mail they wanted me to share some of my personal details which i did gave it to them. So then maybe two days later i received another mail from Miss Deepana Singh a senior security officer at Indira Gandhi international airport new udaan bhawan opp terminal 3 in which she stated to pay some amount of money to a SBI account number so that the customs can clear the parcel. So after few days when i had arranged the money she asked for. Then later i got to Delhi and called Deepana Singh to arrange a meeting with her so that i can get more information about the mail I was sent and also about the procedure. But unfortunately the meeting was not possible as she said she was buzy.But she mentioned to transfer the money earlier on the call and even sent me account details of someone where I had to transfer the money but later when I was in Delhi and called her she told that she couldn’t meet and also I asked her how much and where I had to send the money. Then this time she gave me a different account number which sounded weird to me and told to transfer the money which I did. A amount of 10K i transferred to that account. So after this the next day she called me and again told me to transfer more amount of money about to be approx. 50k and also I received a mail from RBI saying the same thing saying pay 50k for account upgrade for which I denied because I am not sure about the scheme.So my complain is whether this thing they are asking me to invest in is it something real or fake. Because a lot of events above has given me negative vibes about the whole thing.

    So please kindly revert me back as soon as possible about what should I do.Also giving me further directions about what should be the right procedure if this above thing isn’t fake.

    THANKING YOU,

    YOURS SINCERELY.

  15. Dilip Shukla says:

    Dilip Shukla

    Dear sir/madam,

    I am Dilip Shukla and i received a mail from CHEVROLET AUTOMOBILES, UK which stated that i have been chosen in some lucky draw where i am winning some amount of money and a car. So further as i was reading the mail they wanted me to share some of my personal details which i did gave it to them. So then maybe two days later i received another mail from Miss Deepana Singh a senior security officer at Indira Gandhi international airport new udaan bhawan opp terminal 3 in which she stated to pay some amount of money to a SBI account number so that the customs can clear the parcel. So after few days when i had arranged the money she asked for. Then later i got to Delhi and called Deepana Singh to arrange a meeting with her so that i can get more information about the mail I was sent and also about the procedure. But unfortunately the meeting was not possible as she said she was buzy.But she mentioned to transfer the money earlier on the call and even sent me account details of someone where I had to transfer the money but later when I was in Delhi and called her she told that she couldn’t meet and also I asked her how much and where I had to send the money. Then this time she gave me a different account number which sounded weird to me and told to transfer the money which I did. A amount of 10K i transferred to that account. So after this the next day she called me and again told me to transfer more amount of money about to be approx. 50k and also I received a mail from RBI saying the same thing saying pay 50k for account upgrade for which I denied because I am not sure about the scheme.So my complain is whether this thing they are asking me to invest in is it something real or fake. Because a lot of events above has given me negative vibes about the whole thing.

    So please kindly revert me back as soon as possible about what should I do.Also giving me further directions about what should be the right procedure if this above thing isn’t fake.

    THANKING YOU,

    YOURS SINCERELY.

  16. v sivakumar says:

    Dear sir,
    I WON 1.50crore by British country lottery amount hhow should i claim the amount from Rbi ? What is my upgrading code? And my activation amount ? Do i withdrawal from my fund ? Do any one problem accurs?how may amount withdrawal from per day?do i pay income tax and how? Please reply my doubt sir?

  17. gopal Chandra Basunia says:

    Respected sir, my name gopal Chandra Basunia sir me foreign remittance department manager Mrs. Laxmi Bathia madam KO already Rs. 76700 paid kia unne income tax code like rs. 55999 yetna manga sir please help me. Transfer amount 4920801043.

  18. Nand kishor says:

    sir ji,
    mera name nand kishor hai or mujhe 500,000.00 gbp rbi se hona tha magr fund transfar nahi uha kiyoki upgrade code nahi mila kiyoki mera saving account tha.jiske karan mujhse 86,000 inr mage the mere pass nahi hai kiya ab saving mai itni badi rakum nahi a skti kirpaya kare mere account mai kuch to transfar karo.

    dhanyabaad

    nand kishor

  19. ajit kumar singh says:

    respacted rbi upgrade high-value fund transfer system sir i aske to respacted
    reserve bank of india sir my trasfer fund $ 5.5 million rbi foreign remittance department through in my local sbi bank all process done respacted rbi foreign department through but sir oney objction rbiindathrough upgrading code charge paid 24,999 but sir i am also request to respcted rbi bank of india my upgarding code charge direct paid my trasfer fund through please today cooprate to rbi upgradehigh value fund deparment through what pay upgrading code charge 24,999
    please urgent today infrom sir my trasfer fund bank of america related matter
    yourfaithfully- ajit kumar singh
    address- indra puri, street no- 5 house no- 30 post- keshari nagar ,pin code no- 800024 patna [bihar]
    countery- india
    mobile no:+919431420351
    id proff: uidai code no:569951413769

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

September 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930