DPSS (CO) EPPD No. /838/04.03.01/2011-12
November 17, 2011
The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks / Regional Rural Banks
Madam / Dear Sir,
NEFT - Access Criteria for Regional Rural Banks (RRBs)
Please refer to our circular DPSS.CO.OD. 494 / 04.04.009 / 2011-12 dated September 21, 2011 laying down the access criteria for payment systems. We have been receiving many queries from banks on applicability of these guidelines to RRBs for becoming member of NEFT, especially in view of guidelines issued, vide circular DPSS (CO) EPPD NO. 1056 / 04.03.01 / 2009-10 dated November 23, 2009 exclusively for RRBs.
2. In this connection, it is clarified that RRBs have both the options open for them and may join NEFT in any one of the following way, as preferred by them.
(a) Those RRBs which meet the access criteria requirements for centralised payment systems as prescribed in our circular DPSS.CO.OD. 494 / 04.04.009 / 2011-12 dated September 21, 2011 and have the necessary financial, technical and operational resources to obtain and maintain direct NEFT membership may, if they so choose, become direct member of NEFT.
(b) Those RRBs which wish to continue to participate through their sponsor bank, as per guidelines issued vide our circular DPSS (CO) EPPD NO. 1056 / 04.03.01 / 2009-10 dated November 23, 2009, may participate under the arrangement as prescribed in this circular.
3. The other guidelines remain same.
4. Please acknowledge receipt