Freque t y As ed Questi s (FAQ)

Rea Ti e Gr ss Sett e e t (RTGS) Syste

Q1

What is RTGS Syste

A s

The acr

syste

RTGS sta ds f r Rea Ti e Gr ss Sett e e t RTGS

is a fu ds tra sfer

ta es p ace fr

echa is

e ba

where tra sfer

ther

gr ss basis This is the fastest p ssib e

thr ugh the ba

i g cha

pay e t tra sacti

tra sacti

is

s are sett ed as s

sett e e t

rea ti e

rea ti e

ea s

a y waiti g peri d The

is sett ed

the b

Gr ss

e t

ther tra sacti

ey tra sfer ta es p ace i

a d

as they are pr cessed

ea s the tra sacti

with ut bu chi g with a y

ey

ey tra sfer syste

Sett e e t i

t sub ected t

e basis

sideri g that

f the Reserve Ba

I dia$ the pay e t is ta e as fi a a d irrev cab e

Q2

H w RTGS is differe t fr
E ectr ic Fu d Tra sfer Syste
r %ati a E ectr ics Fu ds Tra sfer Syste (%EFT)

A s

EFT a d 'EFT are e ectr

deferred

ic fu d tra sfer

(EFT)

des that perate

et sett e e t (D'S) basis which sett es tra sacti

a
s i

batches I D'S$ the sett e e t ta es p ace at a particu ar p i t f

ti e A tra sacti

s are he d up ti that ti e F r exa p e$ 'EFT

sett e e t ta es p ace 6 ti es a day duri g the wee days (9 30

a $ 10 30 a $ 12 00

1 00 p $ 3 00 p

3 ti es duri g Saturdays (9 30 a $ 10 30 a
A y tra sacti
have t
this$ i

a d 4 00 p ) a d
a d 12 00

i itiated after a desig ated sett e e t ti e w u d

wait ti the

ext desig ated sett e e t ti e C

RTGS$ tra sacti

the RTGS busi ess h urs

s are pr cessed c

trary t

ti u us y thr ugh ut

Q 3 Is there a y
tra sacti s
A s

i i u

The RTGS syste

i i u
is

axi u

f r RTGS

is pri ari y f r arge va ue tra sacti

s The

u t t be re itted thr ugh RTGS is Rs 1 a h There

upper cei i g f r RTGS tra sacti

stipu ati

u t stipu ati

s '

i i u

has bee fixed f r EFT a d 'EFT tra sacti

axi u

Q4

What is the ti e ta e f r effecti g fu ds tra sfer fr

acc u t t a ther u der RTGS

A s

U der

r a circu sta ces the be eficiary bra ches are expected

t receive the fu ds i rea ti e as s

the re itti g ba

The be eficiary ba

be eficiary's acc u t withi

tra sfer

as fu ds are tra sferred by

tw

h urs

has t

credit the

f receivi g the fu ds

essage

Q5

W u d the re itti g cust er receive a

ey credited t the be eficiary's acc u t

ac

A s

The re itti g ba

the Reserve Ba

ey has bee
re itti g ba

receives a
credited t

ca

essage fr

w edge e t

that

the receivi g ba

Based

this the

advise the re itti g cust

er that

ey has

bee de ivered t the receivi g ba

Q6

W u d the re itti g cust er get bac the

credited t the be eficiary's acc u t Whe

A s

Yes It is expected that the receivi g ba

the be eficiary i sta t y If the
reas

$ the receivi g ba

re itti g ba

ey ca

w u d have t

withi 2 h urs 6 ce the

the re itti g ba

$ the

t be credited f r a y
retur the

ey t

the

ey is received bac by

rigi a debit e try i

Ti what ti e RTGS service wi d w is avai ab e

wi credit the acc u t f

acc u t is reversed

Q7

ey if it is

the cust

er's

A s

The RTGS service wi d w f r cust

fr

9 00 h urs t

h urs t

h urs

15 00 h urs

12 00

tra sacti

er's tra sacti

wee

Saturdays i e t

days a d fr

wee days a d betwee

depe di g

the cust

tra sacti

er

15 00

9 00 h urs a d 12 00
these h urs w u d vary

er ti i gs the bra ches have F r i ter9

s$ the service wi d w is avai ab e fr

t 17 00 h urs

9 00

accept the cust

s f r sett e e t at the RBI duri g 9 00 h urs t

Saturday H wever$ the ti i gs betwee

ba

s is avai ab e

wee days a d fr

9 00 h urs

9 00 h urs t 14 00 h urs

Saturdays

Q8

What ab ut
tra sacti s

Pr cessi g

Charges(Service

Charges

A s

Whi e RBI has waived its pr cessi g charges f r a

pay e t pr ducts ti <arch 31$ 2008$ evy
ba

s is eft t

wise detai s

the discreti

f r

RTGS

e ectr

ic

f service charges by

f the respective ba

f charges evied are avai ab e

s The ba

the RBI website

www.rbi.org.in

Q9

What is the esse tia i f r ati that the re itti g cust er w u d

have t fur ish t a ba f r the re itta ce t be effected

A s

The re itti g cust

a ba

er has t

fur ish the f

wi g i f r ati

f r effecti g a RTGS re itta ce?

1 A

u t t be re itted

2 His acc u t u ber which is t be debited

3 'a e f the be eficiary ba
4 'a e f the be eficiary cust

er

5 Acc u t u ber f the be eficiary cust

6 Se der t receiver i f r ati

er

$ if a y

7 The IFSC c de f the receivi g bra ch

Q 10 H w w u d

w the IFSC c de f the receivi g bra ch

A s

The be eficiary cust

er ca

btai

bra ch The IFSC c de is a s

c de u ber a d ba

avai ab e i

A s

his

the cheque eaf This

bra ch detai s ca be c

be eficiary t the re itti g cust

Q 11 D a ba

the IFSC c de fr

u icated by the

er

bra ches i I dia pr vide RTGS service

' $ a the ba

bra ches i

Aa uary 31$ 2007

e ab ed The ist

I dia are

re tha

t RTGS e ab ed As

26$000 ba

bra ches are RTGS

f such bra ches is avai ab e

RBI website

www.rbi.org.in/Scripts/Bs_viewRTGS.aspx

Q 12 Is there a y way that a re itti g cust

tra sacti
A s

It w u d depe d
cust

the arra ge e t betwee

er a d the re itti g ba

i g

faci ity pr vide this service 6 ce the fu ds are credited t

the

fir ati
essage

f the be eficiary ba
fr
the

his ba

$ the re itti g cust

either by a

tact y ur ba

B bra ch

satisfact ri y$ the Cust

c

tacted

e9 ai

er gets a

r by a sh rt

bi e

Q 13 Wh
d I ca c tact9 i case f
the be eficiary acc u t
C

e ba

the re itti g

s with i ter et ba

acc u t

A s

er ca trac the re itta ce

:credit r de ay i credit t

If the issue is

er Service Depart e t

t res ved
f RBI

ay be

cgmcsd@rbi.org.in r write t 9

The Chief Ge era <a ager$

Reserve Ba
f I dia$
Cust er Service Depart e t$
1st F r$ A ar Bui di g$ F rt$
<u bai9400001
Q 14 H w uch v u e a d va ue
RTGS
a typica day

f tra sacti

s are r uted thr ugh

A s

6 a typica day$ RTGS ha d es ab ut 14000 tra sacti

s a day f r

a appr xi ate va ue f Rs 1$50$000 cr re

Q 15 H w ca a re itti g cust er
w whether the ba
the be eficiary accepts re itta ce thr ugh RTGS
A s

F r a fu ds tra sfer t

The

bra ches

thr ugh RTGS$ b th the se di g ba

bra ch a d the receivi g ba

e ab ed

bra ch

bra ch w u d have t

ists are readi y avai ab e at a

Besides$ the i f r ati

RTGS e ab ed

is avai ab e at RBI website

(www.rbi.org.in/Scripts/Bs_viewRTGS.aspx )
tha 26$000 bra ches at

be RTGS

sideri g that

re

re tha 3$000 citiesB t w s a d ta u a

p aces are c vered u der the RTGS syste $ getti g this i f r ati
w ud

t be difficu t

Freque t y As ed Questi s (FAQ)

%ati a E ectr ic Fu ds Tra sfer (%EFT) Syste
Q1
A s

What is %EFT Syste

'ati

a E ectr

ic Fu ds Tra sfer ('EFT) syste

fu ds tra sfer syste

t faci itate tra sfer f fu ds fr

bra ch t a y ther ba

Q 2 Are a ba
etw r
A s

'

As

is a

ati

wide

a y ba

bra ch

bra ches i

the syste

part

f the fu ds tra sfer

Aa uary 31$ 2007$ 18500 bra ches

f 53 ba

s are

participati g Steps are bei g ta e t wide the c verage b th i

ter s f ba

Q3

s a d bra ches

Whether the syste

restricti

is ce tre specific

r has a y ge graphica

A s

' $ there is

restricti

the

ge graphica area The syste

acc u ti g syste

u ber

uses the c

a d the ba

'EFT c u d be

A s

f ce tra ised

s$ gets

perated at

y The i dividua bra ches participati g i

RBI website

What is the fu ds avai abi ity schedu e f r the be eficiary

The be eficiary gets the credit
depe di g

Q5

f a y

cated a ywhere acr ss the c u try$ as detai ed i

the ist pr vided

Q4

cept

's acc u t that are se di g

receivi g the fu ds tra sfer i structi

ce tre$ viC$ <u bai

f ce tres

r the

ext Day

the ti e f sett e e t

H w d es the %EFT syste

A s ?Step91? The re itter fi s i

particu ars

the sa e Day

perate
the 'EFT App icati

f the be eficiary (ba

acc u t type a d acc u t

re it the specified a

givi g the

9bra ch$ be eficiary's

a e$

u ber) a d auth rises the bra ch t

u t t

the be eficiary by raisi g a debit t

the re itter's acc u t (This ca a s be d

services ffered by s

f r

e f the ba

e by usi g et ba

i g

s)

Step92? The re itti g bra ch prepares a Structured Fi a cia

<essagi g S uti

(SF<S)

essage a d se ds it t

its Service

Ce tre f r 'EFT
Step93? The Service Ce tre f rwards the sa e t
('ati

C eari g Ce $ <u bai) t

the

ca RBI

be i c uded f r the

ext

avai ab e sett e e t Prese t y$ 'EFT is sett ed i

six batches at

0930$ 1030$ 1200$ 1300$ 1500 a d 1600 h urs

wee days a d

0930$ 1030 a d 1200 h urs

Saturdays

Step94? The RBI at the c eari g ce tre s rts the tra sacti
wise a d prepares acc u ti g e tries
passi g
ba

the ba

9wise re itta ce

s participati g i

et debit

r credit f r

the syste

Thereafter$

essages are tra s itted t ba

s ba

Step95? The receivi g ba

received fr

s pr cess the re itta ce

RBI a d affect the credit t

essages

the be eficiaries'

acc u ts

Q6

H w is this %EFT Syste

EFT Syste

A s

The RBI9EFT syste

fi ed t

is c

i pr ve e t

the 15 ce tres where RBI is

pr vidi g the faci ity$ whereas there is

as it is based

the ce tra ised c

bra ches f vari us ba

ur website
tech

better cust

Q7

u icati

as

'EFT

cept The detai ed ist

is avai ab e

uses the state9 f9the9art

$ security etc$ a d thereby ffers

er service

H w is it differe t fr

A s? 'EFT is a

such restricti

s participati g i 'EFT syste

The syste

gy f r the c

ver the existi g RBI:

e ectr

RTGS a d EFT

ic pay e t syste

tra sfer fu ds fr

a y

part f c u try t a y ther part f the c u try a d w r s

et

sett e e t basis$ u i e RTGS that w r s

gr ss sett e e t

basis Whi e EFT is restricted t the fiftee ce ters (

ffices are

cated)$ 'EFT is a ati

9wide e ectr

y where RBI

ic fu d tra sfer

syste

Q8
A s

Q9
A s

A y i it
There is

the a

u t f i dividua tra sacti

va ue i it f r i dividua tra sacti

What ab ut Pr cessi g Charges(Service Charges

Whi e RBI has waived the pr cessi g charges ti <arch 31$ 2008$
evy

f service charges by ba

respective ba
avai ab e
Q 10 H w wi I

The ba

s is eft t

9wise detai s

the discreti

f the

f charges evied are

the RBI website

w which are the bra ches participati g i the %EFT

A s

RBI pub ishes the ist f ba

bra ches participati g i the 'EFT

its website i e www rbi rg i

Q 11 What is IFS C de (IFSC) H w it is differe t fr

A s

I dia

Fi a cia Syste

C de (IFSC) is a

desig ed t u ique y ide tify the ba

<ICR c de
a pha

u eric c de

9bra ches i I dia This is 11

digit c de with first 4 characters represe ti g the ba

ext character reserved as c
the fifth p siti

tr

character (Prese t y 0 appears i

) a d re ai i g 6 characters t ide tify the bra ch

The <ICR c de has 9 digits t ide tify the ba

Q 12
A s

s c de$ the

H w wi I

9bra ch

w9 what is the IFS C de f

RBI had si ce advised a the ba

s t pri t IFSC

issued t their cust

ay a s c

ers Y u

y ba

:bra ch

cheques eaves

tact y ur ba

9bra ch

a d get the IFS C de f that bra ch

Q 13 Wh
I ca c tact9 i case f
be eficiary acc u t
A s

tact y ur ba

B bra ch

satisfact ri y$ the Cust

c

tacted

:credit r de ay i credit t the

If the issue is

er Service Depart e t

t res ved
f RBI

ay be

cgmcsd@rbi.org.in r write t 9
The Chief Ge era <a ager$
Reserve Ba
f I dia$
Cust er Service Depart e t$
1st F r$ A ar Bui di g$ F rt$
<u bai9400001

Q 14 Is it ecessary t
tra sacti
A s

have a ba

acc u t t

rigi ate the %EFT

Yes$ 'EFT is a acc u t t acc u t fu ds tra sfer syste

Q 15 Is it ecessary that the be eficiary sh u d have a acc u t at the

desti ati ba :bra ch
A s

Yes$ 'EFT is a acc u t t acc u t fu ds tra sfer syste

Q 16 Ca I receive f reig re itta ces thr ugh %EFT

A s

This syste

ca be used

participati g ba

y f r re itti g I dia Rupee a

g the

s withi the c u try

Q 17 Ca I se d re itta ces abr ad usi g the %EFT

A s

'

Q 18 Ca I rigi ate a tra sacti

acc u t
A s

receive fu ds fr

ther

'

Q 19

Ca I se d(receive fu ds fr

(t %RI acc u ts

A s? Yes$ sub ect t app icabi ity f pr visi

s f FE<A

Q 20 W u d the re itti g cust er receive a ac

w edge e t
ey havi g bee credited t the be eficiary's acc u t
A s? Ac

w edge e t is ge erated f r the cust

i f r i g hi
H wever the
pr vided by ba

Q 21

er at his bra ch

that his re itta ce is received by the be eficiary

de f c

u icati

w u d depe d

the faci ity

B bra ch

W u d the re itti g cust er get bac the

credited t the be eficiarys acc u t

A s? Yes$ the re itti g cust

er gets bac

the

ey if it is
ey if it is

t
t

credited t the be eficiary acc u t

Q 22 Ti what ti e %EFT service wi d w is avai ab e

A s? There are six sett e e ts at 0930$ 1030$ 1200$ 1300$ 1500 a d
1600 h urs

wee days a d 0930$ 1030 a d 1200 h urs

Saturdays

Q 23 What is the esse tia i f r ati that the re itti g cust

have t fur ish f r the re itta ce t be effected

er w u d

A s? The esse tia i f r ati

that the re itti g cust

er has t fur ish

is?

Be eficiary detai s such as be eficiary

a e a d acc u t

u ber

Q 24

'a e a d IFSC f the be eficiary ba

bra ch

Is there a y way a re itti g cust

re itta ce tra sacti

A s? The re itti g cust

the re itti g bra ch

er ca

er ca trac the re itti g tra sacti

trac

the

thr ugh

y$ as the re itti g bra ch is i f r ed ab ut

the status f the re itted tra sacti

10

Freque t y As ed Questi s (FAQ)

E ectr ic C eari g Service:(ECS)
Q1

What is E ectr

A s

It is a
a

de f e ectr

ther ba

is

ic C eari g Service (ECS)

ic fu ds tra sfer fr

acc u t usi g the services

r a y f r bu

tra sfers fr

r vice9versa This ca
distributi
i stituti

f
s

ecti

pay e ts t uti ity c

e acc u t t

i terest$
f a

pe si

by

e$ e ectricity$ r charges

r f r

i sta

s r regu ar i vest e ts f pers

f ECS I

etc

u ts f r purp ses such as

pa ies i e te eph

sBba

a y acc u ts

a i g pay e ts i e

sa ary$

such as h use tax$ water tax$ etc

fi a cia i stituti

acc u t t

f a C eari g H use This

be used b th f r

divide d$

r f r c

e ba

e ts

Q2

What are the types

each ther

what way they are differe t fr

A s

There are tw types f ECS ca ed ECS (Credit) a d ECS (Debit)

ECS (Credit) is used f r aff rdi g credit t
be eficiaries by raisi g a si g e debit t

a arge

u ber

acc u t$ such as

divide d$ i terest r sa ary pay e t

ECS (Debit) is used f r raisi g debits t
c

u ber

f acc u ts

su ersB acc u t h ders f r crediti g a particu ar i stituti

ECS Credit Syste

Q3

Wh ca i itiate a ECS (Credit) tra sacti

A s

ECS pay e ts ca be i itiated by a y i stituti

wh

have t

a e bu

be eficiaries They ca
the se ves with a

(ca ed ECS user)

r repetitive pay e ts t
i itiate the tra sacti

u ber

s after registeri g

appr ved c eari g h use ECS users have a s

11

btai

the c

se t as a s

the acc u t particu ars

f the

be eficiary f r participati g the ECS c eari gs

The ECS user's ba

is ca ed as the sp

s r ba

u der the

sche e a d the ECS be eficiary acc u t h der is ca ed the

desti ati

acc u t h der The desti ati

r the be eficiary's ba
The be eficiaries

is ca ed the desti ati

f the regu ar

request the payi g i stituti

echa is

Q4

acc u t h der's ba
ba

r repetitive pay e ts ca

a e use

as

f the ECS (Credit)

f r effecti g pay e t

H w d es the ECS Credit syste

w r

A s The ECS users i te di g t effect pay e ts have t sub it the data

i

a specified f r at t

f the appr ved c eari g h uses The

ist f the appr ved c eari g h uses r the ist f ce tres where the
ECS faci ity has bee pr vided is avai ab e at www rbi rg i

The c eari g h use w u d debit the acc u t

thr ugh the acc u t f the sp
credit the acc u ts

s r ba

f the ECS user

the app i ted day a d

f the recipie t ba

s$ f r aff rdi g

ward

credit t the acc u ts f the u ti ate be eficiaries

Q5

At which f the ce tres ECS faci ity is avai ab e

A s

At prese t ECS faci ity is avai ab e at

fu

ist is avai ab e at the web9site f RBI

The be eficiaries
ba

Q6

re tha 60 ce tres a d the

eed t

s at these ce tres i

ai tai

rder t avai

acc u t with

f the be efit f ECS

H w d es a be eficiary participate i ECS (Credit ) sche e

12

f the

A s

The be eficiary has t fur ish a

a date givi g his c

f the ECS faci ity He sh u d a s

the detai s

f his ba

auth risati

f r

u icate t

the ECS user

bra ch a d acc u t particu ars

is ca ed a

Wi there be a y eed f r the be eficiary t a ter this

A s

Yes I case the i f r ati

e sure c

Such

a date

Q7

the he has t

se t t avai

a date

B acc u t particu ars u derg cha ge$

tify the ECS user t carry ut cha ges i

ti ued be efits fr

particu ars at the desti ati

the ECS user I

bra ch d

rder t

case the acc u t

atch$ the desti ati

bra ches w u d retur the credit thr ugh their service bra ch t the
c eari g h use

Q8

Wh wi c

A s

It is the resp

u icate the be eficiaries' ab ut the credit

sibi ity

f the ECS user t

be eficiary the detai s

u icate t

the

f credit that is bei g aff rded t

his

acc u t$ i dicati g the pr p sed date

f credit$ a

re ative particu ars

that the be eficiary ca

f the pay e t$ s

u t a d the

atch the sa e with the detai s fur ished by the ba

the

acc u t state e t B passb

Q9

What are the adva tages t the u ti ate be eficiary

A s

The u ti ate be eficiary

eed

a e freque t visits t

ba

f r dep siti g the physica paper i stru e ts

He

eed

t apprehe d

ss

his

f i stru e t a d fraudu e t

e cash e t

The de ay i

rea isati

f pr ceeds after receipt

f paper

i stru e t is bviated

Q 10 H w d es the sche e be efit the ECS user: i e c rp rate b dies(

i stituti

13

A s

The ECS user saves

dispatch a d rec

ad i istrative

achi ery f r pri ti g$

ci iati

Av ids cha ces f

ss f i stru e ts i p sta tra sit

Av ids cha ces f frauds due t fraudu e t access t the paper

i stru e ts a d e cash e t

Abi ity t

a e pay e t a d e sure that the be eficiaries'

acc u t gets credited

a desig ated date

Q 11 What are the adva tages t the ba

A s

Ba

s ha d i g ECS get freed f paper ha d i g

Paper ha d i g a s
have t

creates

f pressure

ba

e c de the i stru e ts$ prese t the

it r their retur a d f
cust

w up with the c

s as they
i

c eari g$

cer ed ba

a d

ers

I ECS ba

s si p y get the pay e t particu ars re ati g t their

cust

ers

they

eed t

is t

atch the acc u t

particu ars i e a e$ aBc u ber a d credit the pr ceeds

Wherever the detai s d

atch$ they have t retur it bac $

as per the pr cedure

Q 12
A s

H w ca the cust
Ba

s have bee

state e ts give
tra sacti

er trac :d w these pay e ts

advised t

e sure that the pass9b

s B

the cust

ers ref ect the particu ars

f the

pr vided by the ECS users Cust

e tries with the advice received by the

ers ca
fr

atch these
the pay e t

i stituti

Q 13
A s

Is there a y i it
'

va ue i it

the a

the a
u t

prescribed u der the sche e

14

u t f I dividua tra sacti

f i dividua tra sacti

s has bee

Q 14 What are the Pr cessi g ( Service charges Is it a c st y service

A s

RBI has si ce deregu ated Service Charges t be evied by sp

ba

s As regards Pr cessi g Charges evied by RBI a d

ba

s r
ther

a agi g the c eari g h uses$ the sa e has bee waived ti

<arch 31$ 2008

Q 15
A s

Is it ecessary f r the c rp rates ( i stituti s t c ect

a date fr
the i vest rs
Yes A
de
a date f r has bee prescribed f r the purp se
Pay e t pr cessi g by ba
prepared SEBI has a s
their acc u t
sa e

s bec

es easier

issued guide i es t

u bers i

i vest rs t

their share app icati

the i terest B divide d warra ts$ c

particu ars a d

ce the database is

a dates

ay

t p se

fur ish

s f r pri ti g the
ecti g the acc u t

uch pr b e

ECS Debit syste

Q 16 What is ECS (Debit) sche e
A s

It is a sche e u der which a

auth rise a

ECS user t

rec ver a

freque cy by raisi g a debit i

c

ect a

auth risati

such debits These

bra ch

acc u t h der with a ba

a

ca

u t at a prescribed

his acc u t The ECS user has t

which is ca ed ECS
a dates have t

a date f r raisi g

be e d rsed by the ba

ai tai i g the acc u t

Q 17 H w d es the sche e w r
A s

A y ECS user desir us

register with a

f participati g i

the sche e has t

appr ved c eari g h use The ist

f appr ved

c eari g h uses is avai ab e at RBI web9site www rbi rg i

15

He sh u d a s
desti ati
f the

ect the

a date f r s fr

acc u t h ders$ with ba

's ac

the participati g
w edge e t A c py

a date sh u d be avai ab e with the drawee ba

The ECS user has t sub it the data i specified f r

sp

s r ba

t the c eari g h use The c eari g h use w u d pass

the debit t the desti ati

syste

thr ugh the

a d credit the sp

acc u t h der thr ugh the c eari g

s r ba

's acc u t f r

ward crediti g

the ECS user A the u pr cessed debits have t be retur ed t the

sp

s r ba

e ectr

withi

ic i structi

the ti e fra e specified Ba

s wi treat the

s received thr ugh the c eari g syste

par

with the physica cheques

Q 18 What are the adva tages t the u ti ate be eficiary

A s

Tr ub e free9 e i i ates the eed t g t the c

ba

s by the cust

ers a d

eed t

ecti

sta d i

ce tres B
g Qs f r

pay e t

Peace

i d9 Cust

ers a s

eed

t trac d w

pay e ts

by ast dates

The debits w u d be

it red by the ECS users

Q 19 H w d es the sche e be efit the ECS user: i e c rp rate b dies(

i stituti s
A s

The ECS user saves

the cheques$

ad i istrative

it ri g their rea isati

achi ery f r c
a d rec

ecti g

ci iati

Better cash

a age e t

Av ids cha ces f frauds due t fraudu e t access t the paper

i stru e ts a d e cash e t

Rea ise the pay e ts

a si g e date i stead

receipt f pay e ts

16

f fractured

Q 20 What are the adva tages t the ba

A s

Ba

s ha d i g ECS get freed f paper ha d i g

Paper ha d i g a s
have t

creates

f pressure

ba

e c de the i stru e ts$ prese t the

it r their retur a d f
cust

w up with the c

s as they
i

c eari g$

cer ed ba

a d

ers

I ECS ba

s si p y get the

cust

ers

they

eed t

a date particu ars re ati g t their

d

is t

atch the acc u t

particu ars i e a e$ aBc u ber a d debit the acc u ts

Wherever the detai s d

as per the pr cedure

17

atch$ they have t retur it bac $

Q 21 Ca the
A s

a date give

Yes The

a date give

cust

er

cust

er has t

they d

The

is

r st pped

par with a cheque issued by a

y stipu ati
give pri r

u der the sche e is that the

tice t

the ECS user$ t

e sure that

t i c ude the debits

Q 22 Ca the cust
peri d f r the
A s

ce be withdraw

er stipu ate a y
a date

axi u

debit9 purp se r va idity

Yes It is eft t the ch ice f the i dividua cust

er a d the ECS

user t fi a ise these aspects The

tai a

a date ca c

axi u

cei i gH it ca a s specify the purp se as a s a va idity peri d

Q 23 What is the curre t c verage f the sche e

A s

At prese t the sche e is i

ce tres where RBI

perati

at 15 RBI ce tres (i e

a ages the C eari g H use perati

ther ce tres where Pub ic Sect r Ba

perati

s) a d at

a age the c eari g

s The ist f ce tres is avai ab e at the RBI web9site u der

the pr cedura guide i es

Q 24
A s

Pr cessi g charges

i dividua tra sacti

RBI has deregu ated the service charges that c u d be evied by

sp

s r ba

s RBI has waived the pr cessi g charges evied by

RBI a d ther ba

a agi g the c eari g h uses ti <arch 2008

Q 25

Which are the i stituti

Debit sche e

s e igib e t

A s

Uti ity service pr viders such as te eph

participate i
e c

pa ies$ e ectricity

supp yi g c

pa ies$ e ectricity b ards$ credit card c

ecti

i sta

e ts by ba

ecti

s$

s a d fi a cia i stituti

s$

a d i vest e t sche es f <utua fu ds$ etc

18

the ECS

19

Freque t y As ed Questi s (FAQ)

E ectr ic Fu ds Tra sfer (EFT) Syste

Q1

What is RBI:EFT Syste

A s

RBI EFT is a Sche e i tr duced by Reserve Ba

he p ba

fferi g their cust

acc u t t acc u t f a y ba

ers

f I dia (RBI) t

ey tra sfer service fr

bra ch t a y ther ba

bra ch i

p aces where EFT services are ffered

Q2

At h w
avai ab e

A s

The EFT syste

sect r ba

a y ce tres a d ba

bra ches is the EFT faci ity

prese t y c vers a the bra ches f the 27 pub ic

s a d 55 schedu ed c

ercia ba

s at the 15 ce tres

(viC $ Ah edabad$ Ba ga re$ Bhub eshwar$ I

Che

ata$ Cha digarh$

ai$ Guwahati$ Hyderabad$ Aaipur$ Ia pur$ <u bai$ 'agpur$

'ew De hi$ Pat a a d Thiruva a thpura )

p ssib e fr

a y bra ch f these ba

bra ch f a y ba

Fu ds tra sfer is

s at these ce tres t

at these ce tres b th i ter9city a d i tra9city

Q3

What is the fu ds avai abi ity schedu e f r the be eficiary

A s

The re itti g ba
as t

tra s its the fu ds tra sfer

reach 'CC$ bef re the cut

receivi g ba

essage t RBI s

ff ti e f r the sett e e t$ the

s acc u t is credited by RBI at the desti ati

ce tre a d be eficiary gets credit

Q4

H w d es the RBI EFT syste

A s

Step:1? The re itter fi s i

particu ars

ther

the sa e day

perate
the EFT App icati

f the be eficiary (city$ ba

a e$ acc u t type a d acc u t

20

f r

givi g the

$ bra ch$ be eficiarys

u ber) a d auth rises the

bra ch t

re it a specified a

u t t

the be eficiary by raisi g a

debit t the re itters acc u t

Step:2? The re itti g bra ch prepares a schedu e a d se ds the
dup icate f the EFT app icati
data preparati

f r

t its Service bra ch f r EFT

If the bra ch is equipped with a c

syste $ data preparati

ca

be d

puter

e at the bra ch eve i

the

specified f r at
Step:3? The Service bra ch prepares the EFT data fi e by usi g a
s ftware pac age supp ied by RBI a d tra s its the sa e t
ca RBI ('ati

a C eari g Ce ) t be i c uded f r the sett e e t

Step:4? The RBI at the re itti g ce tre c

received fr

ba

s idates the fi es

s$ s rts the tra sacti

prepares v uchers f r debiti g the re itti g ba

City9wise fi es are tra s itted t
desti ati

the

the RBI

s city9wise a d
s

Day91 itse f

ffices at the respective

ce tres

Step:5? RBI at the desti ati

rigi ati g ce tres$ c
Thereafter$ ba

s idates the

a d s rts the

ba

the
9wise

9wise re itta ce data fi es are tra s itted t ba

Day 1 itse f Ba
receivi g ba

ce tre receives the fi es fr

9wise v uchers are prepared f r crediti g the

s acc u ts the sa e day r ext day

Step:6? 6 Day 1B2

r i g the receivi g ba

s at the desti ati

ce tres pr cess the re itta ce fi es tra s itted by RBI a d f rward

credit rep rts t

the desti ati

bra ches f r crediti g the

be eficiaries acc u ts

Q5

H w is this RBI EFT Syste

faci ities

A s

The pri ary

des

i pr ve e t

ver the existi g

f fu ds tra sfer at prese t are de a d draft$

ai tra sfer a d te egraphic tra sfer The de a d draft faci ity is

paper based The re itter$ after purchasi g de a d draft fr
ba

bra ch$ dispatches the sa e by p st B c urier t

be eficiary The be eficiary$ i

21

tur $

dges the draft t

a
the

his B her

ba

f r c

ecti

a d c eari g The ti e ta e f r c

p eti g the

pr cess is ab ut 10 days I the case f te egraphic tra sfer$ fu d

reaches the be eficiary either

the sa e day

r the

b th the re itter a d the be eficiary w u d have t

h ders f the sa e ba
ag

d dea

EFT syste

If they are cust

be acc u t

ers f differe t ba

s$

f paper pr cessi g is required 6 the ther ha d$ RBI

is a

i ter9ba

rie ted syste

RBI acts as a

i ter ediary betwee

the re itti g ba

a d effects i ter9ba

fu ds tra sfer The cust

request their respective bra ches t

cust

extH but

ers irrespective f ba

the a

a d the receivi g ba
ers f ba

re it fu ds t

affi iati

s ca

the desig ated

f the be eficiary

Q6

A y i it

u t f i dividua tra sacti

A s

There is

Q7

What is the pr cedure f r ac

w edg e t H w w u d the
se di g bra ch
w that the re itted a u t has bee credited
t the be eficiary

A s

The receivi g bra ch ac

va ue i it f r i dividua tra sacti

w edges every tra sacti

after crediti g the be eficiarys acc u t

The ac

particu ars reach the re itti g bra ch as a

Day 3

i ward

it receives
w edg e t
essage

f the EFT pr cessi g cyc e The re itti g bra ch wi $

theref re$ have precise i f r ati

as t

whe

the be eficiarys

acc u t was credited

Q8

Is it ecessary f r a bra ches t i sta c

A s

'

It is

puter syste

t ecessary f r a bra ches t have c

puter syste s

Bra ches ca se d the re itta ce detai s t their service bra ch i

paper f r at (the c pies f the EFT App icati

F r s sub itted by

the re itti g cust

ers acc

Service bra ch wi

a e data e try a d tra s it the fu ds tra sfer

i f r ati

e ectr

pa ied by a Re itta ce Scr

ica y t

ca

22

'CC

) The

But$ if a bra ch has

puter faci ity$ it ca

e ectr

ica y t

etw r

tra s it fu ds tra sfer i f r ati

its service bra ch either

This w u d

a f ppy

i i ise the data e try w r

r thr ugh a

at the service

bra ch

Q9

What additi
create

rga isati

A s

Each participati g ba

has t

ce tre t act as the i

p i t f r tra s itti g a

a d receivi g a
Bra ches f ba

i ward

s w u d be required t

ide tify a bra ch at the respective

utward

essages

essages The Service Bra ches B <ai

s wh have bee c

w r are i the best p siti

rga isati

a structure ba

rdi ati g the cheque9c eari g

t discharge this r e S

additi

a i frastructure is required t be created

Q 10 What ab ut Pr cessi g charges(Service charges

A s

Whi e RBI has waived its pr cessi g charges ti <arch 31$ 2008$
evy

f service charges by ba

respective ba

s is eft t

the discreti

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23