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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app