RBI Issues Notification on Real Time Gross Settlement (RTGS) System - Implementation of Positive Confirmation

Nov 16, 2018 | by Avantis RegTech Legal Research Team

Reserve Bank of India (RBI) vide notification dated November 15,2018 has issued notification on  Real Time Gross Settlement System – Implementation of Positive Confirmation.

Vide this notification the process flow for successful credit has been clarified as under-

1. On successful credit to the beneficiary account, the beneficiary bank will send a credit acknowledgement message (camt.059) through SFMS in an automated manner.

2. The information in the camt.059 message shall necessarily contain among others the date / time stamp of credit and the UTR number.

 3. On receipt of the camt.059 message from the beneficiary bank, SFMS will forward the same outward camt.059 message to the remitter bank as an inward camt.059 message.

 4. On receipt of the inward camt.059 message, the remitter bank will update the transaction status as "Credited to Customer" for the corresponding transaction. 5. Remitter bank shall immediately forward the credit confirmation to the customer through SMS and / or e-mail according to the details provided. The message shall among others contain the RTGS transaction number ascribed by the bank and / or UTR number, the date / time stamp of credit confirmation, beneficiary bank account number and amount.

[RBI/2018-19/76 DPSS (CO) RTGS No.1049/04.04.016/2018-19]




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