Date:17/03/2005 URL: http://www.thehindubusinessline.com/2005/03/17/stories/2005031701231700.htm

Back SVC Bank launches real time money remittance system

Our Bureau

Mumbai , March 16

SHAMRAO Vithal Co-operative Bank Ltd (SVC Bank) has introduced `straight through processing (STP)' technology at all its branches, whereby, customers can remit money to anyone at any bank branch in the country.

The STP technology is a part of the real time gross settlement (RTGS) system hosted by the RBI to enable inter-bank fund transfers. These settlements are immediate, final and irrevocable.

Implementation of RTGS for bank customers requires seamless integration of the RTGS transactions with the retail banking system at the branches for proper accounting.

Apart from this, RTGS requires highest network availability to affect the transfers in real time and compliance of tight security and performance standards set by the RBI.

Shamrao Vithal bank will charge Rs 100 for transfer of funds up to Rs 2 lakh. For amount above Rs 2 lakh it will be Rs 200.

The transaction timings are as follows: Monday to Friday- 9.30 am to 3.00 pm, Saturday- 9.30 am to 10.30 am, said a press release.