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...
Banks are hereby advised to put in place appropriate systems and procedures to ensure compliance with the above prescriptions. The guidelines are issued under the powers vested with Reserve Bank of India under Section 10(2) of the Payment & Settlement Systems Act, 2007 and would come into effect from January 1, 2011. The instructions would be reviewed and suitable changes will be effected, if necessary, based on operational experience and general feedback.
On a review of RTGS timings and the volume of business handled by RTGS on Saturdays, the RTGS Standing Committee has decided to extend RTGS timings for customer and inter-bank transactions on Saturdays. Accordingly, the revised time window for customer and interbank transactions in RTGS would be as follows:
It may be noted that field tag 7495 contains 6 lines and the RTGS participants are required to provide the minimum return information as stated above in the first three lines. Any additional information, in case an RTGS participant intends to provide, may do so in the subsequent three lines.
High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be phased out. The Reserve Bank of India (RBI) has increased the minimum value for high value clearing to Rs 5 lakh from May. This will be increased further to Rs 10 […]
The Reserve Bank of India (RBI) has capped fees charged by banks for electronic payment (e-payment) and collection of outstation cheques. The move is aimed at popularising electronic payments and discouraging higher charges levied by banks on customers.
