Newsletter, October 2009 - IDRBT

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Fast Forward October 2009 TECHNOLOGY SERVICES Structured Financial Messaging System INETY four banks are participating in the Structured Financial Messaging System N(SFMS) as at the close of July 2009. Participation of banks in National Electronic Funds Transfer (NEFT) has also tremendously increased with the number of branches increasing to 57000+ in 94 banks. With the increase in number of participants, the utilisation of NEFT in terms of number of transactions and volume handled have also increased. The infrastructure for providing a cost-effective solution to the small and mid-sized banks enabling them to participate in SFMS and NEFT has been operationalised and 34 banks have already joined the Common Gateway IFSC Directory The IFSC Directory has been hosted by IDRBT as a part of the technology infrastructure initiative being created for the banking and financial sector. 107 banks have furnished their details and 55779 branches have been listed. Common Gateway for Small Banks The infrastructure for providing a cost-effective solution to the small and mid-sized banks enabling them to participate in SFMS and NEFT has been operationalised and currently 34 banks participate under Common Gateway. given to local railways, who could prepare their payment schedules in SFMS format and same was uploaded in SFMS at RBI, Hyderabad and RBI New Delhi. The payment has been linked through Transfer Responding Advice of IAS, generated in SFMS. SFMS/NEFT to Royal Monetary Authority of Bhutan With a view to provide technical support to the Royal Monetary Authority of Bhutan (RMAB) in operationalising Electronic Retails Payments services in Bhutan, RBI sent a Project Team to Bhutan to study their system and to provide software/product being used in India with suitable customisation for use in Bhutan. A representative from IDRBT too was part of the team. RMAB have evinced interest in SFMS/NEFT for their individual electronic fund transfer and NFS for providing inter-operability to their ATMs being operated by their commercial banks. SFMS/NEFT for Railways IDRBT's efforts to popularise SFMS is bearing fruits. A pilot has been completed to link the Railways payments through SFMS/NEFT at RBI Hyderabad with the able support from RBI Central Office and RBI, Hyderabad. The RBI is in dialogue with the railways concerned in the respective regional offices of RBI and soon all payments flowing from Railways to the regional offices of RBI would be channelised through SFMS/NEFT. In this regard, a utility developed by IDRBT has been 24 x 7 SERVICE : A team of IDRBTians providing round-the-clock service to the Banking and Financial Sector 10
Fast Forward October 2009 Other SFMS Initiatives • A feature to further enhance the functionality of SFMS is being slated to be rolled out in October 2009 • The branches under SFMS/NEFT would be increased further bringing the number to match the RTGS participating branches. • More banks would be brought under SFMS before the end of the quarter taking the total number of banks to 100. • A positive confirmation facility for NEFT remittance is being introduced. The roll-out of positive confirmation for credits is also on the anvil. National Financial Switch The Institute's National Financial Switch (NFS) Consequent to the decision of Reserve Bank of continues to facilitate inter-connectivity between India to make withdrawal transactions free from the Banks' switches, thereby enabling the any ATM in India from April 01, 2009, the customers of member banks to use all ATMs of the transaction volume of NFS increased network. The NFS Network presently connects tremendously. As compared to an average volume 42,362 ATMs of 37 banks, which is the largest of 1,85,080 transactions in April 2008, the average number of ATMs under a single network in the transactions handled in April 2009 stood at country. 9,75,580 transactions. As of July 31, 2009, the - number of transactions per day stood at 16,27,907. In order to handle the increasing number of transactions, the Institute has upgraded the NFS infrastructure and the NFS has successfully handled multifold increase in transaction volumes. In fact, the new system is capable of processing over two billion transactions. ANY BANK ATM:: Shri. L. Giridhar managing the NFS Further, the NFS Standing Committee was reconstituted in August 2008 and it now consists of RBI, IDRBT and CCIL as permanent members and nine members from NFS member banks in the order of their ATM numbers. A meeting of the Standing Committee was held on July 06, 2009. Further, the Institute has also set up an NFS User Group to deliberate various issues related with the procedures, fee, etc. 11
Page 1 and 2: ISSN 0973-2527 Volume 12 No. 1 Fast
Page 3 and 4: Fast Forward October 2009 A CASE FO
Page 5 and 6: Fast Forward October 2009 IT Perfor
Page 7 and 8: WINNERS ALL : Dr. D. Subbarao, Gove
Page 9 and 10: Fast Forward October 2009 Best Use
Page 11: BANKING FOR MASSES : Smt. Usha Thor
Page 15 and 16: Fast Forward October 2009 Reduced c
Page 17 and 18: Fast Forward October 2009 Even thou
Page 19 and 20: FORTHCOMING PROGRAMMES DURATION PRO

Newsletter, October 2009 - IDRBT

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