RTGS : Real-time gross settlement:-systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a “real time” and on “gross” basis. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without bundling or netting with any other transaction. Once processed, payments are final and irrevocable.

RTGS systems are typically used for high-value transactions that require immediate clearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment system or network that allows participants to batch and net payments.

NEFTNational Electronic Funds Transfer:-(NEFT) is one of the most prominent electronic funds transfer systems of India. Started in Nov.-2005, NEFT is a facility provided to bank customers to enable them to transfer funds easily and securely on a one-to-one basis. It is done via electronic messages. This is not on real-time basis like RTGS (Real Time Gross Settlement). This is a “net” transfer facility which is executed in hourly batches resulting in a time lag. NEFT facilities are available in 30,000 bank branches all over the country and work on a batch mode.

Rupay Debit Card cum ATM :- RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI). It was created to fulfill the Reserve Bank of India?s desire to have a domestic, open loop, and multilateral system of payments in India. RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes with MasterCard and Visa in India. NPCI maintains ties with Discover Financial to enable the card scheme to gain international acceptance

mPOS (mobile point of sale)

The need for mPOS is to overcome the shortcomings of the fixed POS system and also to bridge the gap between POS systems and eCommerce businesses. Using a mobile or a similar device as an alternate POS requires less up-front investment and they are far more affordable to repair or replace than traditional POS systems. mPOS eliminates these queues and lags. In a store each employee could have such a portable register and offer rapid billing to the customers, or in a restaurant, a server could generate the bill at the table itself.  Another major advantage of it includes providing Card-on-delivery as a payment mode, which is essentially useful for Indian eTailers, as Cash-on-delivery is highly popular in India. It has also offered an array of new streams for consumer data and with the technology, retailers can now use the robust data to analyse consumer behaviour and develop marketing strategies to boost sales.

Immediate Payment Service

Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.  It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later that year. IMPS was publicly launched on November 22, 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 PPIi signed up for the IMPS service.

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Monday – Saturday

2nd Saturday and 4th Saturday is Holiday as per RBI Guidline since 1st September


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