Electronic fund transfer
Transcript of Electronic fund transfer
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Presentation By
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E – banking CFMSECS
EFT
Bank cards
INFINET
NDS
NEFT
RTGS
SFMS
SWIFT
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The clearing house is a voluntary
association of banks under the
management of a bank where settlement
accounts are maintained.
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In the absence of an office of the RBI, the
clearing house is managed by SBI, its
associates banks and in a few cases by
public sector banks.
Wherever RBI has its office the clearing
house is maintained by it.
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In India there are about 1050
cheque clearing houses, 840
clearing houses are managed by SBI
and its associates and the rest by
others.
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The clearing houses clear and settle
transactions relating to various type of
paper based instruments like cheque,
draft, payment orders and
interest/dividend warrants etc..
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From the days of manual clearing operations,
the Reserve Bank of India manages the
clearing houses at the key business centers
and has been at the forefront in driving the
initiatives towards a more electronic payment
and clearing system.
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The first step taken by RBI were the introduction of the Electronic Clearing Services in the mid 1990’s.
One of the key challenges to the growth of ECS in India has been the degree of automation in the banking Industry.
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ECS is now quite popular for making large –
volume payments. ECS was followed
by Electronic Fund Transfer
system.
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The electronic banking is a banking system
where by banking services and products are made
available to consumers through electronic channels
.
It removes the consumer constrains regarding
branch location timing, geographical boundaries
etc.
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It ensure value added services for basic
banking requirements .
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E - banking is a an umbrella term for
the process by which a customer
may perform banking transactions
electronically without visiting the
institutions
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DEFINITION
E-banking defined as the automated delivery of new and
traditional banking product and services directly to
customers through electronic interactive communication
channels .
E- banking includes the system that enable financial
institution, customers , individuals or business to access
accounts , transact business or obtain information on
financial product and services through public or a private
network , including the internet.
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ECS is used by institutions for making bulk
payment of amounts towards distribution of
dividends, interest, salary, pension etc.. Or
for bulk collection of amounts towards
telephone / electricity dues , tax collection,
loan installment payments etc..,
electronically.
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Requires expensive administrative machinery
Chances of loss of instruments in transit and
their fraudulent encashment
The customers also have to keep track of the
receipt/non receipt of the instrument
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Bank find processing of such a large
volume of instruments not only error prone
and monotonous, but also a strain ion the
cheque clearing system.
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Used for affording credit to a large number of
beneficiaries having accounts with bank branches at
various location with in the jurisdiction of a ECS centre by
raising a single debit to an account of a bank.
Enables payment of amounts towards distribution of
dividend, interest etc. of the user institutions
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Savings in administrative cost
Reconciliation transaction is made automatic
by the time ECS cycle is completed.
Cash management becomes easier as
arrangement for funds is required to be made
only on the specified date.
Ensuring better customer service.
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Paying the way the best companies in the world pay
to their shareholders/ investors/customers .
Loss of instruments in transit and their fraudulent
encashment thereof totally eliminated .
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Freedom from paper handling and the resultant
disadvantage of handling , presenting and monitoring
paper instruments presented in clearing .
Smooth process of reconciliation for the sponsor
banks.
Cost effective.
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Payment on the due date
Effortless receipt
In case of loss of instruments in trans it
and their fraudulent encashment there of and
consequent correspondent with the company
are totally eliminated.
Cost effective
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The beneficiary has to furnish a mandate to
the user institution giving consent to avail the
ECS credit facility . The mandate contains details
of his / her bank branch , account particulars and
authorizes the user institution to afford credit to
his/her account with the destination bank branch
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In case the information / account particulars
contained in the mandate undergo any change ,
the beneficiary has to notify the changes to the
user institution so that the correct information
can be incorporated in its records.
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It is the responsibility of the user institution
to communicate to the beneficiary the details of
credit that is being afforded to his/her account,
indicating the proposed date of credit , amount
and related particulars of the payment
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If a destination bank is not in a position to
credit the beneficiary account due to any reason
the same would be returned to the ECS centre
to enable the ECS center to pass on the
unaccredited items to the user institution
through the sponsor bank . The user institution
can then initiate alternate modes of payment.
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There is no value limit on the amount of
individual transaction.
The RBI has deregulated the charges to be
levied by sponsor banks from user institutions.
The sponsor banks are however required to
disclose the charges in a transparent manner.
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Method for affecting payment transactions in
respect of the utility – bill – payments such as
telephone bills, electricity bills insurance premium,
card payment and loan repayment etc. which
would obviate the need for issuing and handling
paper instruments and there by facilitate improve
customer service.
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Savings on administrative machinery and
costs of collecting the cheque from customers
,presenting in clearing ,monitoring their
realization and reconciliation.
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Better cash management because of realization
and recovery of dues on the due dates promptly
and efficiently.
Avoid chances of loss / theft of instruments in
transit.
Cost effective.
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Customers need not visit the bank branches /
collection centers of utility service providers.
Customers need not keep track of due date for
payment.
The debits to the customer accounts would be
monitored by the ECS user and the customers
alerted accordingly.
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Freedom from paper handling and the resultant
disadvantage of handling , receiving and monitoring
paper instruments presented in clearing .
Ease of processing and return for the destination
bank branches
Smooth process of reconciliation for the sponsor
banks.
Cost effective.
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Sponsors Bank
User Institution
Clearing
House
Destination
Bank’s service
Branches
Beneficiaries
Account
Destination
Branch
Data on
Day 1Reports on
Day 1
Encrypte
d Data
on Day 1
Reports on Day 1
Credit on Day 1
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Bank cards are generally defined as
any cards issued by a bank even a
non – traditional bank that access a
customer financial resources.
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Bank cards are form of customer loan, a
revolving credit account that has a credit
line of a specific amount that can be
borrowed against in part or in full.
As the outstanding balance is paid, the
available credit line is resorted for use
again.
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ATM is an electronic machine which allows the
access to withdraw and lodge cash, pay bills,
request statements and other banking
transactions.
The requires an ATM card and identification
number to gain access to the machine.
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Fast Cash
Cash Withdrawal
Balance Enquiry
Mini Statements
Pin Change
Other Services
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• ATM cards extends banking convenience
to banking customers.
• ATM operates around the clock 24*7, 365
days a year.
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Innovative, secure, competitive
Reduces customer visits in to bank
Inter bank reconciliation is immediately
Value added product to the bank
Better banking service
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Draw cash outside banking hours
Issued free of charge
Complete security
Transfer of fund is easy
Can get details of last five transactions
Save time
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ATM cum Debit Card is a bank card which
combines the advantages of both ATM and
debit card.
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A smart card, chip card or integrated circuit
card (ICC) is any pocket sized card with
embedded integrated circuits.
Smart cards can provide identification,
authentication, data storage and application
processing.
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debit cards, credit cards and smart cards
are collectively referred to as plastic
money, because they are made out of
plastic.
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Transfer of fund from one source to another
through electronic media .
It enable transfer of fund in the following ways.
1.Transfer of fund with in the city
2.Transfer of fund between the cities
3.Transfer of fund between branches
4. Transfer of fund between banks
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EFT introduced by Reserve bank of India to
help banks offering their customer money
transfer services from account to account of any
bank branch in places where EFT services are
offered.
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The remitting bank transmits the fund transfer
message to RBI so as to reach National Clearing
Cell (NCC), the receiving banks account is
credited by RBI at the destination centre and
beneficiary gets credit on the same day.
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The customer receives a written receipt
when an electronic transfer is initiated and
periodic statements describe each
transfer.
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Electronic funds transfer is a transfer of funds
is initiated through an electronic terminal,
telephone, computer (including on-line banking)
for the purpose of ordering, instructing, or
authorizing a financial institution to debit or
credit a consumer’s account. (Section
205.3(b)).
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1. Fast and secure direct deposit of your claim
payments
2. Reduced paperwork
3. E-mail notifications the day deposits are made
4. Easy reconciliation of direct deposits
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5. No need to change the way you submit
claims or post payments
6. Easy online access to view, search, print and
download information
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Nation wide system that facilitates individuals, firms and
corporate to electronically
Transfer funds from any bank branch to any individual, firm or
corporate having an account with any other bank branch in
the country.
for being a part of NEFT fund transfer network , a bank branch
has to be NEFT enabled.
Walk –in customers can also deposit cash at the NEFT enabled
branch
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It is necessary for the beneficiary to have an account with
the NEFT enabled bank branch in the country.
NEFT system also facilitate one-way-cross-border transfer
of fund from INDIA to NEPAL known as INDO –NEPAL
Remittance Facility Scheme.
A remitter can transfer fund from any of the NEFT enabled
branch into NEPAL
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Customer intending to remit money through NEFT has to furnish the
following particulars;
a. IFSC (Indian Financial System Code) of the beneficiary bank/
branch.
b. Full account number of the beneficiary.
c. Name of the beneficiary.
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Customers can use this facility between 8 am and
7 pm on all week days
Between 8 am and 1 pm on Saturday.
Eleven hourly settlement on week days.
Five hourly settlement on Saturdays.
The money will be credited to the beneficiary’s
account on the same day or at the most next day
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to be eligible to apply for admission, an applicant
1. Shall be a bank.
2. Shall be a member of RTGS.
3. shall have installed SFMS.
4. shall meet the other prescribed eligibility criteria /
conditions which are notified by RBI from time to time.
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If a particular bank has defaulted in meeting its
settlement obligation or paying any charge or fees or
complying with any procedural guidelines, the letter of
admission issued to it is liable to be kept under
suspension for such period as may be specified in the
order of suspension.
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Every order of suspension shall be notified
immediately to all participating banks and
institutions including a bank or institution against
which the order of suspension is passed.
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An order of suspension may be reviewed and may
be revoked at any time by the Governor, Reserve
Bank of India upon representation received from
the concerned bank or on his own . every
revocation shall be notified immediately to all
participating banks.
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A participating bank shall not , while any order
of suspension is in force against it, be entitled to
send or receive any NEFT message or otherwise
to effect any funds transfer in the NEFT system.
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There is no limit either minimum or maximum on the amount of
funds that could be transferred using NEFT. However maximum
amount per transaction is limited to Rs 50000 for cash based
remittance and remittance to Nepal.
There is no restriction of centers or of any geographical area
within the country. The NEFT system takes advantage of the core
banking system in banks. Accordingly the settlement of funds
between originating and receiving banks take places centrally at
Mumbai , whereas the branches participating in NEFT can be
located any where across the length and breadth of the country.
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The clearing centre sorts the funds transfer transactions
destination bank wise and prepares accounting entries to
receive funds from the originating bank and give the fund to
the destination bank
The destination banks receive the inward remittance
message from the clearing centre and pass on the
credit to the beneficiary customer’s account.
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With effect from July 1 ,2011, the originating
banks are required to pay a nominal charge of
25 paise each per transaction to the clearing
house as well as destination bank as service
charge . However these charges cannot be
passed on to the customers by the banks.
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The beneficiary can expect to get credit for the first
ten batches on week days and the first five batches on
Saturdays on the same day.
For transactions settled in the last two batches on
week days and the last batch on Saturdays
beneficiaries can expect to get credit either on the
same day or on the next working day morning
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In case of non credit or delay in credit to the beneficiary
account , the NEFT customer facilitation centre of the
respective bank can be contacted
If the issue is not resolved satisfactorily , the NEFT help
desk at NCC , RBI , Mumbai may be contacted through e
mail or by addressing correspondence.
If it is not possible to afford credit to the account of the
beneficiary for whatever reason, destination banks are
required to return the transaction to the originating bank
within two hours of completion of the batch in which the
transaction was processed.
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Besides personal fund transfer , the NEFT
system can also be used for a variety of
transactions including payment of credit card
dues to the card issuing banks.
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1. The remitter need not send the physical cheque or DD to
the beneficiary.
2. The beneficiary need not visit his / her bank for depositing
the paper instruments.
3. The beneficiary need not be apprehensive of loss/ theft of
physical instruments or the likelihood of fraudulent
encashment there of .
4. Credit confirmation of the remittances sent by SMS or e
mail.
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5. Remitter can initiate the remittance from his
home / place of work using the internet
banking also.
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IFSC is an alpha numeric code that uniquely
identifies a bank branch participating in the
RTGS / NEFT system. This is a 11 digit code
with the first four alpha characters
representing the bank, and the last six numeric
characters representing the branch. The fifth
character is zero.
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The INFINET is the communication backbone of the
Indian Banking and Financial Sector.
All banks – Public Sector, Private Sector, Foreign,
Cooperative etc., and premier Financial Institutions in
the country are eligible to become members of the
INFINET.
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The revolution in the information technology
sector could develop wide area network of
computers the wan encouraged banking sector
to introduce core banking with a view to improve
the customer services .
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Under this the database for the whole bank is
maintained at central point.
The database can be assessed from any part of the
world through internet.
The customer can transact their business though any
branch
The transfer from one branch to another is possible
on real time basis.
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The consumer need not go to the concerned branch
where he keeps the account
The customer can save time also with out visiting the
banking premises
It helps to achieve overall efficiency in banking
sector
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Is a system set up, operated and maintained by the RBI
Enable operations on current accounts maintained at various offices of the
bank, through standard message format in a secure manner
It has two components
Centralized fund enquiry system(CFES)
Centralized fund transfer system(CFTS)
These have been made available through the following systems
Apex Level Server(ALS)
Local Fund Management System(LFMS)
Bank Level Fund Management System(BLFMS)
Local Banks Fund Management System(LBFMS)
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ALS is a software component which resides in the mainframe computer
LFMS is the software component which would be functioning from the
server system at the regional offices of the RBI where the Deposits
Account Department (DAD) is existed
BLFMS is the software component provided by the RBI to the members
of the CFMS
LBFMS is the software component which would be given by the RBI to
the CFMS members for accessing the facilities at each local DAD.
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Each entity , which maintains a current account with the RBI
and is a member of INFINET.
Admission to the CFMS may be granted , suspended or
revoked by the RBI at its own sole discretion . All applications for
the CFMS membership shall be addressed to the Regional
Director , Reserve Bank of India , Deposit Accounts
Departments, where the current account of the institution is
maintained with .
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Enquiries relating to the operation of its current account
maintained with any of the DAD.
Fund transfer between accounts at different DADs
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Normally be operational on all days on which at least to DADs of
RBI are working.
The bank may at its discretion , change the operating calendar .
Any changes to the operating calendar or any declaration of
unscheduled holidays will be communicated by the RBI to the
members by means of a broadcast message or otherwise.
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REAL- TIME GROSS SETTLEMENT
The Real Time Gross Settlement System is the key
critical element and provides the missing link in the
process of the setting up of the integrated Payment and
settlement System in the country.
The world over, the Real Time Gross Settlement
System is now, the preferred mode of the settlement of
interbank payments, with more and more countries
moving towards it.
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A settlement process, RTGS minimizes
settlement risks by setting individual payments in
real time in the books of account, held at the
Central Bank.
Under RTGS, practically instant settlement
ensures fast, secure, final and irrevocable
settlement of payment transactions.
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The RTGS system is designed to provide large
value fund transfer and settlement in an on-line
real tine environment to the banking industry, with
settlement on a gross basis.
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The system would have link with other netting
systems like Clearing, Automated Clearing House
transactions comprising Electronic Clearing
Services, Retail Electronic Fund Transfer, all
Plastic Money and Smart Card transactions.
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A large value fund transfer system, whereby
financial intermediaries can settle interbank
transfers for their own accounts as well as for their
customers, the RTGS system effects final
settlement of interbank fund transfers on a
continues, transaction – by – transaction basis
throughout the processing day.
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THE BENEFIT OF RTGS GOES TO
ECONOMY, BANKS AND CUSTOMERS
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• It improves confidence of outside agencies
like World Bank on Indian Economy.
•It enables efficient settlements and avoids
settlement delays.
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• It offers immediate and irrevocable settlement.
• It provides high value intra – bank and inter
bank fund transfer.
• It provides new opportunities for formulation of
innovative products.
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• It provide sophisticated online banking
services.
• It offers reliable high – value fund transfer.
• It improves personal image with beneficiary.
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Launched on December 14 ,2001 at IDRBT
Secure messaging standard developed to serve as a
platform for intra bank and inter bank applications.
Indian standard similar to SWIFT (Society for world –
wide Inter bank Financial Telecommunications) which
is the international messaging system used for financial
messaging globally.
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Can be used practically for all purposes of secure
communication within the bank and between
banks.
The inter bank messaging part is useful for
applications like EFT,RTGS,CFMS etc..
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SFMS has been introduced by RBI in November 2001
IDRBT and Tata Consultancy Services entered into an agreement on 15th
February 2001 for deploying a message solution for the Indian Banking
and financial Sector.
Its an application which would be riding on the backbone of the INFINET
SFMS provide security in the various EFT services introduced by RBI, such
as ECS and prevents its unauthorized usage
It brings the benefit of safe, secure and efficient fund transfers
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In order to improve efficiency in the market, the
Reserve Bank of India took steps to automate the
process of trading and settlement of Government
securities transactions and the Negotiated Dealing
System (NDS) was introduced in February 2002.
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The Negotiated Dealing System (NDS) has two
modules – one for the primary market and the
other for the secondary market.
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The Reserve Bank uses the primary auction
platform (NDS Auction) for auction of both, dated
securities of the Government of India and the State
Governments as also, treasury bills.
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This platform allows participants to electronically
submit their bids in the primary auctions and
receive allotment reports.
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Creation of issues
Submission of bids
Processing of bids
Allotment advice
Settlement
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• Secondary market trading in Government
securities can happen over-the-counter
(OTC).
• These trades generally happen over phone.
Players are required to report secondary
market trades on the NDS.
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• Once they complete the reporting process and the
system accepts trades, the data automatically flows
to the Clearing Corporation of India Ltd. (CCIL) for
clearing and settlement.
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• This avoids paper based settlement
process. Paper based system required
participants to exchange subsidiary general
ledger (SGL) forms for transfer of securities
and cheques for transfer of funds.
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The Reserve Bank introduced the Negotiated Dealing
System-Order Matching system or NDSOM as it is
called, in August 2005.
The NDS-OM is an electronic, screen based,
anonymous, order driven trading system for dealing
in Government securities.
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The Reserve Bank owns NDS-OM and CCIL
maintains it.
The platform is in addition to the existing facility of
over-the-counter (OTC) or phone market in
Government securities.
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The NDS-OM brings transparency in secondary
market transactions in Government securities.
Members can place bids (buy orders) and offers
(sell orders) directly on the NDS-OM screen.
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Being order driven, the system matches all bids
and offers on price/time priority, that is, within the
orders of the same price, it matches the oldest
order first.
The system ensures complete anonymity among
the participants as CCIL acts as the central
counter party (CCP) for settlement of all the
trades.
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The NDS-OM also facilitates straight-
through-processing (STP), that is, all the
trades on the system are automatically sent
to the CCIL for settlement.
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With the efficiency and ease of its operations,
the NDS-OM has today captured over 80 per
cent of the trading volume in Government
securities.
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• There are two kinds of participants in NDS-OM –
direct and indirect.
• Direct members have current and SGL accounts
with the Reserve Bank and can directly settle
their trades on NDS-OM.
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• Indirect members are those players who do not
have current and SGL accounts with the
Reserve Bank and therefore have to trade on
NDS-OM through members who have these
accounts with the Reserve Bank.
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• More specifically, currently banks, including state
cooperative banks, primary dealers (PDs),
insurance companies, mutual funds and larger
provident funds have current and SGL accounts
with the Reserve Bank and therefore can directly
trade on NDS-OM.
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• Banks and PDs provide custodial services to
indirect members by opening their securities and
funds accounts.
• Indirect members can place orders through their
custodian using client accounts.
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• Such trades would finally settle through the
Constituent SGL (CSGL) account and current
account of the custodian who is a direct
member.
• NDS-OM currently has direct membership from
more than 130 financial institutions.
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Following are the prerequisites of obtaining
membership of the NDS-OM:
• SGL account with the Reserve Bank
• Current account with Reserve Bank*
• INFINET (Indian Financial Network) connectivity
• Membership of CCIL
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Why trade on NDS-
OM? • NDS-OM ensures anonymity of participants and,
therefore, ensures objective pricing in the
market.
• Reporting happens simultaneously with trades
on NDS-OM; whereas in the OTC market
participants need to report the transactions
separately.
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• The system provides information, both pre-trade
and post-trade on real time basis.
• This assures transparency and better price
discovery as against the OTC market where
there could be a delay of up to 30 minutes in
information dissemination.
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• Trading happens in standardised lot size
of Rs.5 crore and in multiples of Rs.5 crore
providing enough liquidity in the system.
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• To facilitate trading in small lot sizes of
less than Rs.5 crore, a separate ‘odd lot’
segment (with the minimum trading lot size
being only Rs.10,000) is also available.
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• Participants get to know the depth of the
market as the system shows the order
depth in terms of number and total amount
of sell/ buy orders for each security. This is
not possible in OTC market.
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• There is a high level of operational ease
as the entire cycle of placing orders,
trading and settlement of trades is fully
automated.
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• Once the trade is concluded on the
system, it is treated as confirmed for
settlement. In the OTC market, deals have
to be confirmed on NDS and only then
they are accepted for settlement.
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SWIFT provides a network that enables financial
institutions world wide to sent and receive
information about financial transactions in a secure,
standardized and reliable environment.
SWIFT was founded 1973 and was supported by
239 banks in 15 countries.
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fundamental operating procedures, rules for
liabilities etc were established in 1975 and the first
message was sent in 1977
As on September 2011 SWIFT linked more than
9000 financial institutions in 209 countries and
territories who were exchanging an average over 15
million messages per day.
The chairman of SWIFT is Mr. Yawar Sha, who is
from Pakistan
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The CEO is Mr. Gottfried Leibbrandt, who is from
Netherland
SWIFT transport financial messages in a highly
secure way but does not hold accounts for its
members and does not perform any form of
clearing or settlement
Majority of International Interbank Messages
use the SWIFT network.
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SWIFT is a co operative society under Belgian law and it is
owned by its member financial institutions.
It has offices around the world, SWIFT headquarters is at
Belgium near Brussels
SWIFT secure messaging network is run from two
redundant data centers, one in the US and one in Netherland
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In case of a failure in one of the data centers
the other is able to handle the traffic of the
complete network.
SWIFT opened a third data centre in
switzerland which started operation in 2009
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1. To analyze the perception of Banking Employees
and Banking Customers towards EFT.
2. To study the fund transfer in UAE Exchange.
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YES NO
0 % 100%
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YES NO
0 % 100%
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YES NO
0 % 100%
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YES NO
0 % 100%
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BENEFITS RANK
Increases customer access V
Reduce workload of employees III
Reduce paper work II
Time and cost savings I
Attract new customers IV
Facilitate offering new services VI
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70
30
No. of Respondents
Male
Female
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Technologies Fully aware Partly aware Unaware
RTGS 40 % 40 % 20 %
NEFT 40 % 40 % 20 %
ECS 40 % 35 % 25%
NDS 30 % 25 % 45%
SWIFT 20 % 10 % 70 %
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Source %
Friends and Relatives 55
Bank Officials 15
Advertisements 20
Website 10
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YES NO
90 % 10 %
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Features Rank
Ease of use 2
Time saving 1
Any where banking 3
Quick and Prompt Settlement System 5
Error free transaction 6
Convenience 4
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YES NO
100 % 0 %
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YES NO
0 % 100 %
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YES NO
100 % 0 %
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YES NO
20 % 80 %
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Type – Limited Liability Company
Industry – Financial Services
Founded – 1980
Founders - Bavaguthu Raghuram Shetty and Abdulla Humaid
Al Mazroei
Headquarters - Abu Dhabi, United Arab Emirates
Over three decades of service excellence
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Conveniently located branches with customer-friendly working
hours
Direct operations spanning five continents with 660+ direct
offices
6% - Our market share of global remittance business
Correspondent bank network covers over 150 leading global
banks
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Over 8,000 people employed worldwide
Workforce diversity of over 40nationalities
The first exchange house to get the SWIFT membership
More than 4 million registered customers worldwide
Global net worth of more than US$ 300 million
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SWIFT membership, ISO quality certifications,
Dubai Quality Appreciation Programme award,
Dubai Service Excellence Scheme Award, MRM
Business Excellence Award, UAE Emiratisation
Award, Deutsche Bank STP Excellence Award,
quadruple Superbrand status
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Y. Sudhir Kumar Shetty
COO - Global Operations
Promoth Manghat
VP - Global Operations
Gopakumar Bhargavan
Chief Marketing Officer
Ashwin Shetty
VP - Dealing
Sarath Chandra M
Chief Information Officer
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Money2anywhere offers you an online remittance
experience with a combination of competitive
exchange rates, quick processing of the remittance
request and a friendly customer service team. We
use cutting-edge technology to store your
information in secure database and ensure total
security to each of your transactions.
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Smart Pay is a unique payroll processing and
salary disbursement platform built in-house by
our expert technology team. Its highly secure
database stores critical information of corporate
entities with dynamic functionalities like Salary
Information File (SIF) generation and uploading.
The high-end technology also ensures secure
salary disbursement through user-friendly Cash
Dispensing Machines.
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Flash enables real-time credit of
money in any bank account. Our
strong technology infrastructure
and secure back-end processes
empower you to send money
directly to your loved one’s bank
account, real-time.
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XPay facilitates you to pay for
your purchases using your
mobile phones conveniently.
This secure payment gateway
allows you to pay without
carrying hard cash, credit
cards or even without a bank
account.
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Xpress Money is simply the fastest way you can
send money to anywhere! Our secure, state-of-the-
art technology infrastructure and reliable back-end
processes enable your money to reach your loved
ones instantly and safe.
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• N.Subramani, M.Murugesan etal, 2008, E’ – Banking and ‘E’ –
Commerce, Abhijeeth Publications, New Delhi.
• Nidhin Kapoor, 2008, Computerized Banking System in India ,
Sublime Publications , Jaipur.
• K. Sohani , 2009, Technology in Banking Sector, Icfai
University Pres,
– E – Banking and E – Commerce –
• Vikas Taneja and Sakshi Parashar, 2011, Alfa
Publications, New Delhi.
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• www.rbi.org
• www.npci.org
• www.uaeexchange.com
• www.
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