The new RTGS system was operationalised on October 19, 2013 and the “RTGS System Regulations 2013” would come into effect from this date.
One of the new beneficial features of the new RTGS system is the introduction of Transaction Type Codes.
Highlights of Transaction Type Code (TTC):
- The RTGS system uses a Transaction Type Code (TTC) to identify the type of individual payment messages that is allowed for the particular type of payment transaction.
- The TTC values are in the range of “0000” to “9999”.
- TTC value shall be part of the message content. The sending Bank has the right to change the list of TTC values from time to time.
- TTC Value “1000” is allotted for customer transactions and TTC Value “1800” is allotted for Own Account Transfer
It has been brought to RBI notice that some of the RTGS participants are initiating Own Account Transfers (OAT) from RTGS settlement account to their current account maintained with RBI using the customer transaction code, i.e., using the TTC value “1000” allotted for customer transactions instead of “1800” allotted for OAT. The usage of wrong TTC value for transaction in RTGS leads to unintended consequences.
Hence vide RBI / 2013 – 14/575 DPSS (CO) RTGS No. 2232/04.04.002/2013– 2014 dt.April 28, 2014, all RTGS participants have been advised strictly to adhere to the RTGS System Regulations 2013 and use appropriate TTC Value while originating RTGS transactions.