RTGS
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Real Time Gross Settlement (RTGS) is a financial settlement system where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. It consists of continuous settlement of funds transfers individually throughout the day, without netting. Payments made through RTGS are final and irrevocable. The minimum amount for an RTGS transaction is Rs. 2 lakhs and there is no maximum ceiling. The presentation provides an introduction to RTGS, how it works, securities settlement process, making payments through RTGS, and information needed for effective remittance such as amount, account numbers, IFSC code, and timings which do not include bank holidays.
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Real Time Gross Settlement
Real time gross settlement systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. It can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
RTGS REAL TIME GROSS SETTLEMENT
This document provides an overview of Real Time Gross Settlement (RTGS) systems in India. It explains that RTGS allows for continuous real-time settlement of funds transfers individually on an order by order basis without any waiting period. The key information needed for an RTGS transfer includes the remitter's account number, beneficiary name and account details. Transactions can be done through internet or mobile banking and timings are from 9am to 6pm on working days, excluding bank holidays. Transaction limits and processing fees vary by bank but a minimum of Rs. 200,000 applies.
Neft&rtgs
NEFT and RTGS are electronic funds transfer systems operated by the Reserve Bank of India. NEFT operates in hourly batches for fund transfers of any amount with no minimum limit. RTGS provides real-time fund transfers for high-value transactions of Rs. 2 lacs and above, with settlement occurring individually on a continuous basis. Both systems allow fast domestic transfers between banks across India using IFSC codes, with NEFT being suitable for smaller transfers and RTGS for larger, time-critical transfers.
Real time gross settlement (rtgs)
This document is Sunita Patel's project report on Real Time Gross Settlement (RTGS) systems submitted to LN College of Management & Technology in 2007. It includes a declaration by Sunita that the project was completed independently, a certificate from her project guide Prof. Ranjith Krishnan, and acknowledgements. The report then covers various aspects of RTGS systems including membership types, transaction types, communication between participant interfaces and central systems, sending and acknowledging messages, settlement of transactions, and intraday liquidity facilities.
Internet Banking - NEFT and RTGS
NEFT and RTGS are electronic funds transfer systems in India. NEFT operates on a deferred net settlement basis, settling transactions in batches throughout the day for small value transfers. RTGS provides real-time settlement of high value transactions of ₹2 lakhs or more. Both schemes allow individuals and businesses to transfer funds between bank accounts electronically instead of using paper instruments. Key details include operating hours, minimum amounts, settlement timeframes, and procedures for returning funds if a transfer fails. NEFT can also be used to send remittances to Nepal.
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This document provides an overview of payment systems in India, including existing systems like ECS, NEFT, RTGS and emerging mobile payment systems like IMPS. It defines key payment system stakeholders and classifications. Specific sections describe the process, advantages and disadvantages of IMPS mobile payments. Comparisons are made between IMPS and other electronic payment methods. The document also discusses future payment trends focused on increasing convenience, affordability, confidence and consumer protection in digital financial services.
NPCI
To watch full video click on the link below-
https://youtu.be/RRgkQ7lSdqM
NPCI, an initiative of the Reserve Bank of India (RBI) and Indian Banking Association (IBA) is an umbrella organization for operating retail payments and settlement systems in India.
It functions under provision of Payment and Settlement Systems Act, 2007.
It is a not-for-profit organization set up under the provisions of Section 25 of Companies Act, 1956 (amended as Sec 8 of Companies Act 2013).
Facilitates easy access to online payment services with variety of banking products and services.
Products offered by NPCI
IMPS (Immediate Payment Service) is an instant payment inter-bank electronic funds transfer system in India. Unlike NEFT and RTGS, the service is available 24*7 throughout the year.
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CTS (Cheque Truncation System) facilitates uses of digital signature or encryption methods to prevent manipulation of data during transition of cheque clearance.
UPI (Unique Payments Interface) is a system that makes multiple bank accounts to be accessed from a single mobile application using mobile no. or UPI id as unique transaction address.
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Subscribe to DevTech Finance
Payments and transaction processing systems - Global and Indian Overview
This document provides an overview of global and Indian payment and transaction processing systems. It discusses the global regulatory framework established by the Bank for International Settlements and the regulatory framework in India established by the Reserve Bank of India. It describes how banks transact with each other using real-time gross settlement systems like RTGS and net settlement systems like NEFT. It also outlines how customers transact through conventional and electronic modes like mobile banking. Specialized companies operating in various areas of the industry are discussed as well as the market share and critical success factors of different payment modes. Risks to payment systems are also addressed.
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Real Time Gross Settlement
Real time gross settlement systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. It can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
RTGS REAL TIME GROSS SETTLEMENT
This document provides an overview of Real Time Gross Settlement (RTGS) systems in India. It explains that RTGS allows for continuous real-time settlement of funds transfers individually on an order by order basis without any waiting period. The key information needed for an RTGS transfer includes the remitter's account number, beneficiary name and account details. Transactions can be done through internet or mobile banking and timings are from 9am to 6pm on working days, excluding bank holidays. Transaction limits and processing fees vary by bank but a minimum of Rs. 200,000 applies.
Neft&rtgs
NEFT and RTGS are electronic funds transfer systems operated by the Reserve Bank of India. NEFT operates in hourly batches for fund transfers of any amount with no minimum limit. RTGS provides real-time fund transfers for high-value transactions of Rs. 2 lacs and above, with settlement occurring individually on a continuous basis. Both systems allow fast domestic transfers between banks across India using IFSC codes, with NEFT being suitable for smaller transfers and RTGS for larger, time-critical transfers.
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This document is Sunita Patel's project report on Real Time Gross Settlement (RTGS) systems submitted to LN College of Management & Technology in 2007. It includes a declaration by Sunita that the project was completed independently, a certificate from her project guide Prof. Ranjith Krishnan, and acknowledgements. The report then covers various aspects of RTGS systems including membership types, transaction types, communication between participant interfaces and central systems, sending and acknowledging messages, settlement of transactions, and intraday liquidity facilities.
Internet Banking - NEFT and RTGS
NEFT and RTGS are electronic funds transfer systems in India. NEFT operates on a deferred net settlement basis, settling transactions in batches throughout the day for small value transfers. RTGS provides real-time settlement of high value transactions of ₹2 lakhs or more. Both schemes allow individuals and businesses to transfer funds between bank accounts electronically instead of using paper instruments. Key details include operating hours, minimum amounts, settlement timeframes, and procedures for returning funds if a transfer fails. NEFT can also be used to send remittances to Nepal.
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This document provides an overview of payment systems in India, including existing systems like ECS, NEFT, RTGS and emerging mobile payment systems like IMPS. It defines key payment system stakeholders and classifications. Specific sections describe the process, advantages and disadvantages of IMPS mobile payments. Comparisons are made between IMPS and other electronic payment methods. The document also discusses future payment trends focused on increasing convenience, affordability, confidence and consumer protection in digital financial services.
NPCI
To watch full video click on the link below-
https://youtu.be/RRgkQ7lSdqM
NPCI, an initiative of the Reserve Bank of India (RBI) and Indian Banking Association (IBA) is an umbrella organization for operating retail payments and settlement systems in India.
It functions under provision of Payment and Settlement Systems Act, 2007.
It is a not-for-profit organization set up under the provisions of Section 25 of Companies Act, 1956 (amended as Sec 8 of Companies Act 2013).
Facilitates easy access to online payment services with variety of banking products and services.
Products offered by NPCI
IMPS (Immediate Payment Service) is an instant payment inter-bank electronic funds transfer system in India. Unlike NEFT and RTGS, the service is available 24*7 throughout the year.
NFS (National Financial Switch) is the largest network of shared ATMs in India facilitating convenience banking.
AePS (Aadhaar-enabled Payment Service) is a bank led model that allows financial transaction at PoS of any bank using the Aadhaar authentication through the retail merchant.
CTS (Cheque Truncation System) facilitates uses of digital signature or encryption methods to prevent manipulation of data during transition of cheque clearance.
UPI (Unique Payments Interface) is a system that makes multiple bank accounts to be accessed from a single mobile application using mobile no. or UPI id as unique transaction address.
Thank you for Watching
Subscribe to DevTech Finance
Payments and transaction processing systems - Global and Indian Overview
This document provides an overview of global and Indian payment and transaction processing systems. It discusses the global regulatory framework established by the Bank for International Settlements and the regulatory framework in India established by the Reserve Bank of India. It describes how banks transact with each other using real-time gross settlement systems like RTGS and net settlement systems like NEFT. It also outlines how customers transact through conventional and electronic modes like mobile banking. Specialized companies operating in various areas of the industry are discussed as well as the market share and critical success factors of different payment modes. Risks to payment systems are also addressed.
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This document provides information about NEFT and RTGS funds transfer systems in India. NEFT is a nationwide funds transfer system that allows electronic transfer of funds between banks across India. Transactions are processed in batches throughout the day. RTGS allows for real-time or instantaneous transfer of funds between banks and has no maximum limit. It is intended for high-value, time-critical payments. Both systems require the remitter and beneficiary to have bank accounts and follow a similar multi-step process involving the remitting bank, centralized clearing center at RBI, and receiving bank.
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It includes
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2. POS TERMINAL
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4. MOBILE BANKING
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7. ECS
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3) UPI provides benefits to end users like privacy by only sharing a virtual address, multiple uses for payments, remittances and bills, and availability 24/7 on personal devices with security.
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The document discusses India's payment systems. It outlines the key regulatory bodies that oversee payment systems in India. It then describes various paper-based and electronic payment methods in India such as cheques, NEFT, RTGS, IMPS, and prepaid payment systems. It also discusses the settlement system operator Clearing Corporation of India and features of the Cheque Truncation System. The document provides details on processing times, charges and limits for different payment methods in India. It concludes by noting some limitations of India's payment systems including the lack of standardized account numbering across banks.
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Neft and rtgs
RTGS and NEFT are two modes for transferring money between bank accounts. RTGS allows for real-time transfers in amounts over Rs. 2 lacs, while NEFT is used for smaller transfers below Rs. 2 lacs. RTGS settles transactions individually in real-time, whereas NEFT settles transactions in batches throughout the day. Both services are available at over 30,000 bank branches across India and enable quick money movement between accounts compared to traditional cheque deposits.
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Modern credit cards have several key features. They provide wide coverage as they can be used at merchant establishments by cardholders to purchase goods and services based on a system of revolving credit. Credit cards identify the owner and set a credit limit for purchases. They serve as a convenient cashless medium of exchange that allows cardholders to make purchases and pay the bank back later while the bank bears the risk of any defaults.
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Banking technology
This document discusses various technologies used in banking. It describes Inter Bank Mobile Payment System (IMPS) and how it allows customers to transfer funds between banks via mobile devices. It also discusses online banking, use of analytics for segmentation and understanding customer preferences, convergence of storage and computing infrastructure, mobile banking, electronic bill payment, electronic fund transfer, electronic cheques, Real Time Gross Settlement (RTGS) system, and Automatic Teller Machines (ATMs). The benefits of these technologies for customers, banks and employees are reduced costs, immediate access to accounts and transactions, increased productivity and efficiency. The challenges are costs of implementation, risk of technology failures, penetrating rural areas and upgrading workforce skills.
Cheque truncation system
Cheque Truncation System (CTS) allows for the electronic clearing of cheques by capturing images instead of physically transferring cheques. This speeds up the clearing process from 3-4 days to on average 1 day. Under CTS, when a cheque is deposited, the presenting bank truncates or removes the physical cheque and captures an image. The image is sent electronically to the clearing house which forwards it to the paying bank. This eliminates the need for physical movement of cheques between banks. CTS provides benefits like faster clearing, reduced costs, and improved customer service for banks and their customers.
Alternative channels of banking
Alternative banking, as the name suggest, is the NEWER METHOD OF CARRYING ON BANKING OPERATIONS
It includes
1. ATM (AUTOMATIC TELLER MACHINE)
2. POS TERMINAL
3. INTERNET BANKING
4. MOBILE BANKING
5. NEFT
6. RTGS
7. ECS
Differences between NEFT, RTGS & IMPS
A crisp gist of differences between the Indian government's famous modes of electronic transfer of funds.
Unified Payments Interface (UPI) - Introduction
1) The Unified Payments Interface (UPI) allows for simple push and pull payments between banks using only a virtual address like a username.
2) Banks act as Payment Service Providers (PSPs) and provide a single app for all transactions via a single identifier like Aadhaar number with one-click two-factor authentication.
3) UPI provides benefits to end users like privacy by only sharing a virtual address, multiple uses for payments, remittances and bills, and availability 24/7 on personal devices with security.
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cons of current account
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procedure to open an account
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current account
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pros of savings account
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pros of fixed deposit
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recurring deposit
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fixed deposit
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cons of fixed comparisondeposits
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pros of recurring deposit account
Payment clearing service
The document discusses electronic payment clearing services in India. It introduces the Electronic Clearing Service (ECS) which was launched in the 1990s as a means of electronic funds transfer. ECS allows for one-time or recurring payments through a single debit authorization. The key parties involved in ECS payments are the payer, payee, payer's bank, and payee's bank. ECS can be used for credit payments, like salaries, or debit payments to collect bills. Debit ECS requires customers to authorize recurring debits from their account.
types of accounts in a bank
The document discusses the four main types of bank accounts in India - current accounts, savings accounts, fixed deposits, and recurring deposits. It provides details on the features, pros and cons of each type of account. Current accounts are for businessmen and allow transactions without interest but with service charges. Savings accounts encourage personal savings and provide interest but have withdrawal limits. Fixed deposits require depositing money once for a set time at high interest rates but cannot withdraw funds early. Recurring deposits allow investing smaller amounts monthly over years at slightly lower interest.
Customer experience enhancement strategy in financial services sector
Enhance the customer experience for traditional financial services sector by identifying user pain points in the beneficiary addition flows.
MD ABDUR RAB_1
MD Abdur Rab is seeking a middle level position in branch operations or banking operations with a leading financial services or banking organization preferably in Bhubaneswar. He has over 8 years of experience in branch operations, banking operations, ATM channel management, remittance management, and team management. Most recently, he served as the CTS Head for Axis Bank, where he oversaw cheque truncation system activities including honoring ECS mandates, monitoring bills sent for collection, and reconciling CTS activities. He has a proven track record of successfully managing branches and implementing strategies to enhance business volumes and growth.
Payments 101 - Basics of Payments
Reference material accumulated from multiple public sources to understand basics of payments industry
Fund transfer systems
There are two main ways to transfer funds in India: RTGS and NEFT. RTGS allows for real-time large value funds transfers of Rs. 2 lakhs or more between banks. Funds are typically transferred within 2 hours through RTGS. NEFT is for smaller fund transfers done on a deferred net settlement basis, with timings between 8 am to 7 pm on normal days and 8 am to 1 pm on weekends. Key information needed for funds transfers includes sender and receiver names and account details, as well as the IFSC code to properly route transactions between banks and branches.
Cash management services
This document provides information about the cash management services (CMS) offered by Axis Bank. It describes CMS as a hybrid system that provides customized collection and payment services to businesses. Key services covered include local and upcountry cheque collection, bulk collection, cash pickup and delivery, electronic payment and collection methods, and services for dividend payments, IPO collecting, tax collection, and more. The document also discusses pricing, organizational structure, advantages for corporates and the bank, and frequently asked questions about Axis Bank's CMS.
Topic6 Electronic Payment Systems.pptx
Electronic payment systems have revolutionized business by reducing paperwork and transaction costs. Common electronic payment modes include credit cards, debit cards, smart cards, e-money, and electronic funds transfer. Credit cards allow customers to make purchases and pay the balance later, while debit cards deduct funds immediately from the linked bank account. Smart cards contain encrypted payment and personal information. E-money refers to online payments via payment cards or services like e-cash. The Automated Clearing House (ACH) network facilitates electronic funds transfers between bank accounts in the US.
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RTGS
- 1. REAL TIME GROSS SETTLEMENT PRESENTED BY : • KUMAR ABHISHEK • TRISHITA DAS • NISHTHA CHAWLA • KETAN JAIN • DEVANG MANGAL • ROHAN MITTAL
- 2. INTRODUCTION • Continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting) • Consists of two parts • Real Time : means the processing of instructions at the time they are received rather than at some later time • Gross Settlement : means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis) • Payments are final and irrevocable • It is meant for larger transactions • The minimum amount to be remitted through RTGS is 2 lakh • There is no upper ceiling for RTGS transaction
- 3. RTGS Working
- 4. Securities Settlement System Process Diagram
- 6. INFORMATION NEEDED FOR EFFECTIVE REMITTANCE Amount to be remitted Remitting customer’s account number which is to be debited. Name of the beneficiary bank. Account number of the beneficiary. IFSC code of the destination bank branch
- 7. TIMINGS • No Service on Bank scheduled Holidays