Yes. It is expected that the receiving bank will credit the account of the beneficiary instantly. If the money cannot be credited for any reason, the receiving bank would have to return the money to the remitting bank immediately. Once the money is received back by the remitting bank, the original debit entry in the …

Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 lakh. There is no upper ceiling for RTGS transactions.

NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. For example, currently, NEFT operates in hourly batches – there are eleven settlements from 8 am to 7 pm …

The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).’Real Time’ means the processing of instructions at the time they are received rather than at some later time.’Gross Settlement’ means the settlement of funds transfer …

The Kalupur Commercial Co-Operative bank sends SMS alert to Customers for Financial and Non Financial Transactions as follows : Financial Transactions : Transfer Debit / Credit Cash Credit / Debit Clearing Credit / Debit RTGS – NEFT  Debit / Credit Fund Transfer through Mobile Banking , E-banking ECS / NACH / NECS ATM Withdrawal / …

SCSBs have to ensure that not more than Five (5) applications can be made from a bank account per issue.

Registrar will do the reconciliation based on data received from Stock Exchanges and the aggregate data received from SCSBs after closure of the issue regarding total number ofbids uploaded, the total number of shares applied for in such uploaded bids and total amount blocked for such uploaded bids.

No. Once a bank is included in the list of SCSBs maintained by SEBI, it shall act as SCSB for all issues to come where ASBA is applicable.

CB is expected to act as a central point of co‐ordination for various intermediaries with SCSB i.e. Stock Exchanges, Registrar and Merchant Bankers.