ING Vysya Bank implements RTGS System
By Our Banking Bureau | 11 May 2004
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Mumbai: With the introduction of RTGS on May 5, 2004, premier Indian private sector bank, ING Vysya Bank has become the first bank in India to have implemented the real time gross settlements (RTGS) system under the framework and guidelines of the Reserve Bank of India (RBI). This was stated in a press release issued by the bank today. Currently, only 11 banks in India are linked to the RTGS system.
ING Vysya Bank settled its first payment with IDBI and ended the day with a total value of settlements exceeding Rs365 crores. The Bank is planning to extend the benefits to its retail clients, on a test basis, shortly.
The 72-year old bank implemented the solution with real time liquidity management system that helps the bank manage intra day liquidity effectively. ING Vysya Bank, headquartered in Bangalore, is also the first bank in South India to get onto RTGS.
Soon, its clients will be able to transfer funds instantaneously across RTGS enabled banks in India, thus putting their funds to better use through quicker realisation as compared to the current instrument-based fund transfers.
ING Vysya Bank has over 526 outlets in 300 centres.
