StanChart introduces real time settlement

By Our Banking Bureau | 30 Apr 2004

1
Mumbai:The second leg of the Real Time Gross Settlement (RTGS) system has gone live, with customer transaction getting settled instantaneously. Standard Chartered Bank is the first to commence the new facility.

The first RTGS customer transaction of Rs 10 crore took place on Thursday between Standard Chartered Bank and State Bank of India with the funds being transferred between Hindustan Lever Ltd's accounts with both banks, said a release from Standard Chartered Bank.

RTGS, an online platform for fund clearing and settlement, has been live between State Bank of India, HDFC Bank, Standard Chartered Bank and Saraswat Bank for over a month now but confined to money market transactions.

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