RRBs, Cooperative Banks can now avail online services

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RRBs, Cooperative Banks can now avail online services
To popularise the electronic payment system in the country, the Reserve Bank of India is allowing all licensed banks including regional rural banks (RRBs) and cooperative banks to participate in the centralised payment systems.

These banks would participate in the centralised payment systems, Real Time Gross Settlement System (RTGS), and the National Electronic Funds Transfer (NEFT), through their sponsor bank, which is a direct member of this system, the RBI said in a notification to all banks.

Currently, Real Time Gross Settlement System (RTGS) and National Electronic Funds transfer (NEFT), provide for only direct membership. As an exception, Regional Rural Banks (RRBs) have been given access to the NEFT system through their Sponsor Banks.

The charges for customer transactions of sub-member/s cannot exceed the charges applicable to customers of sponsor banks/direct members of the centralised payment systems viz., RTGS and NEFT.

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