RBI to move from paper-based to electronic funds

Mumbai, Apr 19 (UNI) As part of its efforts ''to migrate from paper- based payments to electronic payments'', the Reserve Bank of India today placed a report of the study group on its website for public response.

The central bank initiative is to impart electronic payments sytems like Real Time Gross Settlement (RTGS) system, National Electronic Funds Transfer System (NEFT) and Electronic Clearing Service (ECS).

The move would enable to achieve ''higher efficiency, risk reduction, in payment and settlement,'' the RBI said.

The RTGS currently covers more than 28,000 branches, while NEFT covers 23,000 branches. ECS is available at 64 centres in the country currently.

The study group was appointed by the apex bank to study the different aspects of 'migration'.

UNI