Finance : The acronym RTGS stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes pl...
Finance : IFSC – Indian Financial System Code is an 11 digit alphanumeric code. IFSC code is used to detect the bank branch for any partic...
Fema / RBI : High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be ph...
Fema / RBI : Review of Charges for RBI-operated Payment Systems The Reserve Bank levies minimum charges on banks for transactions routed throug...
Fema / RBI : The Reserve Bank plans to upgrade its high-value online fund transfer system RTGS to enable handling of up to 50 lakh transactions...
Fema / RBI : The Reserve Bank of India, or RBI, has told a bunch of top bank executives to push the use of electronic transactions among custom...
Corporate Law : An amount to up to Rs 2 lakh can now be transferred through banks free of cost. The Reserve Bank of India has raised the threshold...
Fema / RBI : High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be ph...
Income Tax : Explore the case of Shantabai Jasraj Lodha challenging additions made by CIT(A) - NFAC regarding a Rs.20 lakhs deposit during demo...
Income Tax : Read the detailed analysis of Fortune Park Hotels Ltd vs. ACIT case where ITAT Delhi allowed deduction of ESOP expenses claimed wi...
Income Tax : ITAT Delhi held that initiation of proceedings under section 147/148 of the Income Tax Act unsustainable as there was on failure o...
Fema / RBI : RBI announced that RTGS will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched wit...
Fema / RBI : i. RTGS shall be available for customer and inter-bank transactions round the clock, except for the interval between ‘end-of-day...
Fema / RBI : Under the overall guidance of the Board for Payment and Settlement Systems, the Reserve Bank over the last few years, has been tak...
Fema / RBI : In the Second Quarter Review of Monetary Policy of the Reserve Bank of India for the Year 2010-11, it was announced that Urban Co-...
Fema / RBI : In this connection, we enclose a copy of the circular DPSS. (CO). EPPD. No.863 / 04.03.01 / 2010-11 dated October 14, 2010 issued...
HDFC Bank NEFT / RTGS Utility for generating NEFT/ RTGS Form at any time. You can add 2000 beneficiaries to the Form, hence when you need sombody’s Bank details in future,You can easily get it from this Form. Along with NEFT / RTGS form, you can Print respective cheque also. Now you are free from […]
Kindly upload the South Indian Bank – NEFT/ RTGS Excel Utility South Indian Bank NEFT / RTGS Utility for generating NEFT/RTGS Form at any time. You can add 2000 beneficiaries to the Form, hence when you need somebody’s Bank details in future,You can easily get it from this Form. Along with NEFT / RTGS form, you […]
Review of Charges for RBI-operated Payment Systems The Reserve Bank levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National Electronic Funds Transfer (NEFT) System for other fund transfers. Banks, in turn, levy charges on their customers. In order to […]
Under the overall guidance of the Board for Payment and Settlement Systems, the Reserve Bank over the last few years, has been taking a number of steps to popularise the electronic payment systems in the country. In this connection, a reference is invited to circular DPSS.CO.OD.494/04.04.009/2011-2012 dated September 21, 2011, in terms of which, liberalised revised access criteria for centralised and decentralised payment systems were announced.
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.
In the Second Quarter Review of Monetary Policy of the Reserve Bank of India for the Year 2010-11, it was announced that Urban Co-operative Banks (UCBs) would be allowed current account and SGL account with the Reserve Bank as also membership of INFINET and RTGS. The relevant paragraph of the Review is reproduced below.
In this connection, we enclose a copy of the circular DPSS. (CO). EPPD. No.863 / 04.03.01 / 2010-11 dated October 14, 2010 issued by the Department of Payment and Settlement Systems of the Reserve Bank of India. All Primary (Urban) Co-operative Banks are advised to put in place appropriate systems and procedures to ensure compliance with the prescriptions contained in the above circular.
Based on requests received from the participant member banks, it is clarified that the revised customer charges for the transactions routed through RTGS are applicable for amounts starting from ` 2 lakhs and above.
The Reserve Bank of India, or RBI, has told a bunch of top bank executives to push the use of electronic transactions among customers to trim the serpentine queues in front of teller counters despite lakhs of automated teller machines and net banking
An amount to up to Rs 2 lakh can now be transferred through banks free of cost. The Reserve Bank of India has raised the threshold limit for real time gross settlement (RTGS) transactions from Rs 1 lakh to Rs 2 lakh and introduced a new value band fo
