Bank Bill Payment System
Reserve Bank of India has constituted Indian Bank Bill Payment System GIRO Advisory Group Electronic Funds Transfer (NEFT) System RBI forms panel to implement new bill payment system
Reserve Bank of India has constituted Indian Bank Bill Payment System GIRO Advisory Group Electronic Funds Transfer (NEFT) System RBI forms panel to implement new bill payment system
The Reserve Bank of India has constituted a GIRO Advisory Group (GAG) to implement a national Indian Bill Payment System so that households will be able to use bank accounts to pay school fees, utilities, medical bills and make remittances electronically.
The terms of reference of GAG, which is headed by Prof. Umesh Bellur, Professor, Indian Institute of Technology, Bombay, include suggesting the nature of organisation to undertake the GIRO-based bill payments and framing guidelines for setting up and operating the GIRO-based bill payments.
The group will also recommend the criteria (financial, governance, ownership, technical, operational, etc.) for the entity to seek authorisation for setting up bill payments system in the country under the Payment & Settlement System Act 2007.
If GAG is of the opinion that a new organisation be created on the lines of entity like National Payments Corporation of India (NPCI), then it will have to make recommendations, among others, on the nature of the organisation (whether Section 25 company or profit making entity, etc.); membership composition; capital structure & contributions by stakeholders.
The GIRO Advisory Group would submit its report by the end of December.
The terms of reference of GAG, which is headed by Prof. Umesh Bellur, Professor, Indian Institute of Technology, Bombay, include suggesting the nature of organisation to undertake the GIRO-based bill payments and framing guidelines for setting up and operating the GIRO-based bill payments.
The group will also recommend the criteria (financial, governance, ownership, technical, operational, etc.) for the entity to seek authorisation for setting up bill payments system in the country under the Payment & Settlement System Act 2007.
If GAG is of the opinion that a new organisation be created on the lines of entity like National Payments Corporation of India (NPCI), then it will have to make recommendations, among others, on the nature of the organisation (whether Section 25 company or profit making entity, etc.); membership composition; capital structure & contributions by stakeholders.
The GIRO Advisory Group would submit its report by the end of December.
National Electronic Funds Transfer (NEFT) System
In November 2005, a more secure system was introduced for facilitating one-to-one funds transfer requirements of individuals / corporates. Available across a longer time window, the NEFT system provides for batch settlements at hourly intervals, thus enabling near real-time transfer of funds. Certain other unique features viz. accepting cash for originating transactions, initiating transfer requests without any minimum or maximum amount limitations, facilitating one-way transfers to Nepal, receiving confirmation of the date / time of credit to the account of the beneficiaries, etc., are available in the system.
In November 2005, a more secure system was introduced for facilitating one-to-one funds transfer requirements of individuals / corporates. Available across a longer time window, the NEFT system provides for batch settlements at hourly intervals, thus enabling near real-time transfer of funds. Certain other unique features viz. accepting cash for originating transactions, initiating transfer requests without any minimum or maximum amount limitations, facilitating one-way transfers to Nepal, receiving confirmation of the date / time of credit to the account of the beneficiaries, etc., are available in the system.
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