Member Banks of RBI CFMS are aware that the funds transfer through Centralized Funds Management System (CFMS) has been discontinued with effect from January 1, 2013. Hence, the need for continuation of CFMS is not required any more.
This has led to RBI informing CFMS member banks with effect from April 1,2013, the facility of CFMS Helpdesk services and access to CFMS information/data will not be available.
Readers might be interested to know that the Centralized Funds Management System (CFMS), was a system set up, operated and maintained by the Reserve Bank of India to enable operations on current accounts maintained at various offices of the Bank, through standard message formats in a secure manner.
The following types of facilities were available through CFMS:
a) Enquiries relating to the operation of its current account/s maintained with any of the DADs
b) Funds Transfers between accounts of the same account holder at different DADs.
The chief reason for discontinuation of CFMS is the launch by RBI of its Core Banking Solution i.e (E-Kuber) system. With CBS in place, it is very easy for RBI DAD account holders to operate their banking accounts with RBI. A CBS solution is also necessary for Cheque Truncation System (CTS) to succeed.
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