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Instant money transfer possible in 10,000 bank branches

Our Bureau

Mumbai , Sept. 16

CUSTOMERS of more than 10,000 bank branches in the country can now send and receive money within two hours.

The Reserve Bank of India on Friday said its electronic system, RTGS (real-time gross settlement), which facilitates fund transfer on a real time basis, had exceeded the target of covering 10,000 branches six months in advance.

The RTGS system was introduced in March 2004. Now, RTGS membership includes 94 banks, the RBI and 14 primary dealers, the release said.

The system facilitates fund transfer between identified branches of banks on a real time basis i.e. instantaneously. Banks are required to include only those branches that are connected through the network and capable of receiving messages on a real time basis.

One of the requirements of the system is that the receiving banks should return the transactions within two hours of their receipt if the funds cannot be applied for any reason.

Thus, a customer sending funds through RTGS system at 11.00 a.m can expect the beneficiary's account to be credited positively by 1.00 pm, if not earlier.

It is seen that most of the banks apply credit to the account holders immediately.

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