Launch of new RTGS System

Launch of new RTGS System

RBI/2013-14/324
DPSS (CO) RTGS No.801/04.04.017/2013-14

October 11, 2013

The Chairperson / Chief Executive Officer
RTGS Members

Madam / Dear Sir,

Launch of new RTGS System

Please refer to our Circular RBI/2012-13/355 [DPSS (CO) RTGS No.1052/04.04.017/2012-13 dated December 31, 2012] regarding implementation of new RTGS System conforming to ISO 20022 messaging standard.

2. The new RTGS system will be operationalized on October 19, 2013 and the “RTGS System Regulations 2013” would come into effect from this date. Hence, the extant RTGS System will no longer be operational. Accordingly, the RTGS (Membership) Business Operating Guidelines, 2004 and RTGS (Membership) Regulations, 2004 would cease to exist.

3. All RTGS members are advised to take necessary steps to ensure participation in the new RTGS system.

Yours faithfully,

(Nilima Ramteke)
General Manager

_____________________________

Note : RBI/2012-13/355 [DPSS (CO) RTGS No.1052/04.04.017/2012-13 dated December 31, 2012 please find below:

RBI/2012 -13/355
DPSS (CO) RTGS No. 1052/04.04.017/2012-13

December 31, 2012

The Chairman and Managing Director /
Chief Executive Officer of all RTGS participants

Dear Sir / Madam,

Adoption of ISO 20022 messaging standard in Next Generation RTGS (NG-RTGS) system

In the Second Quarter Review of Monetary Policy 2011-12 it was announced that the NG-RTGS system would be developed using extensible markup language (XML) messages conforming to ISO 20022 standards.

2. Accordingly, a Working Group with members from select banks, IDRBT, NPCI and CCIL and RBI was constituted in May 2012 to identify the business requirements, examine the technical feasibility of adopting the ISO 20022 compliant message formats. The message formats suggested by the Working Group were validated by ISO Standards Certification Authority as being compliant with ISO 20022 standards. The Working Group also examined the timeframe that would be required by the various stakeholders for adopting of the ISO 20022 message formats and suggested a time frame of three months for implementation.

3. In view of the above, it has since been decided to adopt these message formats for the proposed NG-RTGS system which would replace the existing RTGS system. The ISO 20022 compliant message formats for the NG-RTGS system are available on the RBI website under http://rbidocs.rbi.org.in/rdocs/RTGS/PDFs/RTGISO20022.pdf. You are advised to download the same and ensure that the infrastructure at your end enables handling of the ISO message formats by March 31, 2013.

4. The Reserve Bank would be conducting awareness and training workshops for RTGS members for the NG RTGS system. A separate communication in this regard will be sent by our Department of Information Technology.

5. As stated in Para 3, all RTGS members will have to be ready by March 31, 2013 with the technical capabilities to handle ISO 20022 message format to participate in NG-RTGS system. Please acknowledge receipt and confirm initiating necessary action within 7 days of receipt of this letter.

Yours faithfully,

(Vijay Chugh)
Chief General Manager