Reserve Bank of India has announced the Go Live date for the NG RTGS. The same is October 19, 2013.
RTGS has now been ingrained in the Indian Banking System, and every Current Account holder is aware of its benefits. RTGS was introduced in India in March 2004. In the initial years, there was no threshold for customer transactions. As the volumes started to go up, the threshold level of Rs1lac was introduced and later increased to Rs2lacs.
Over the years, the volumes have gone up drastically. As on date, 174 Banks with their 1,02,000+ branches are part of the RTGS network.
A strong BCP (Business Continuity Plan) is in place to ensure that there is no settlement risk due to failure of a Banks IT channel.
In early 2011, it was felt that there was a need to adopt a new Application with enhanced features. Accordingly, the ISO 20022 messaging standard was adopted for the (NG-RTGS) Next Generation RTGS system
A Working Group with members from select banks, IDRBT, NPCI and CCIL and RBI was constituted in May 2012 to identify the business requirements, examine the technical feasibility of adopting the ISO 20022 compliant message formats.
The ISO 20022 message formats were circulated to the member banks in December 2012, and the first testing was planned in April 13.
Finally, the Go Live Date is on October 19, 2013. In the initial stages, the major changes will be at the Bank end. Once the system stabilizes, the new features will be rolled out.
With the implementation of new RTGS system, the RTGS (membership) business operating guidelines of 2004 and RTGS (membership) Regulations of 2004 will cease to exist.
- India’s International Seminar on Adoption of ISO 20022 for NG-RTGS (simplybanking.wordpress.com)
- New RTGS system to be operational from Oct 19: RBI (news.in.msn.com)
- Serbia RTGS in September 2013 was 100% up! (simplybanking.wordpress.com)
- NEFT v/s RTGS v/s IMPS (nextbigwhat.com)