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Modernizing Payment Systems is a Top Priority for Indian Banks

Indian banks are quickly upgrading their payment systems, largely driven by the need to modernize and meet regulatory requirements.

For modernizing the payment and settlement systems in India, Reserve Bank of India (RBI) is strengthening the computerized cheque clearing and expanding the reach of Electronic Clearing Services (ECS) and Electronic Funds Transfer (EFT).

The critical elements of RBI strategy involve opening of new clearing houses, interconnection of clearing houses through the Indian Financial Network (INFINET), development of RTGS system, Centralized Funds Management System (CFMS), Negotiated Dealing System (NDS) & the Structured Financial Messaging System (SFMS) and introduction of Cheque Truncation System.

According to Mr Anurag Khanna, CEO, Banknet India, 13 major Indian banks floated RFP/EOI for selecting vendors for Cheque Truncation Solutions in the last 5 months. Urgency shown by banks in this area is primarily due to the RBI's implementation of pilot project for Cheque Truncation in New Delhi by end-March 2006.

"Conference on Payment Systems in Banks" organized by Banknet India at Taj Lands End, Mumbai on January 17, 2006 will focus on Payment System Upgradation in Banks, Cheque Truncation, RTGS, Automatic Clearing House (ACH), Electronic Clearing Service (ECS), Card Payment Systems and Cash Management etc. It will also discuss the impact of new Regulations like AML, KYC, Basel II and Technologies on Bank Products & Services.

Banknet India’s "Conference on Payment Systems in Banks" will be the largest gathering of bankers ever in a banking conference in India. This conference will be attended by nearly 500 delegates from 100 banks & FIs. This conference provides a rare opportunity to listen and interact with the top management of Reserve Bank of India and top officials from major banks.