RBI constitutes experts group on RTGS

MUMBAI: Reserve Bank of India has set up an external experts group to carry out pre-launch review of real-time gross settlement (RTGS) systems including its relevant policies and procedures.

The group was constituted as a matter of caution and provide comfort that all steps are taken for smooth on-line settlement of inter-bank transactions, RBI said in a release here on Friday.

RTGS system has been tested and was undergoing trial runs with involvement of four banks, RBI said.

RTGS system was being implemented in two phases in the country. Under the first phase, the system with facility for inter-bank fund transfer and customer-based inter-bank fund transfer has reached an advanced stage, it added.