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Banking transfer - follow up on RBI SEFT discountiuation
February 2, 2006
Well, as a follow up to the previous post here's some information that I came across on the RBI SEFT discountiuation:
The Reserve Bank of India (RBI) has decided to discontinue the special electronic funds transfer system (SEFT) from January 1, 2006, and has put in place a plan for all banks to shift to the national electronic funds transfer (NEFT) system. Initially, the NEFT will start with eight major banks and progressively increase to cover all the banks participating in the SEFT clearing. Meanwhile, the RBI has proposed to migrate all the present SEFT banks to NEFT by December 15, 2005. NEFT is structured based on financial messaging solution (SFMS) platform and is public key infrastructure (PKI) enabled. The RBI has advised banks to be ready with SFMS so as to join NEFT at an early date.
Posted by liveit at February 2, 2006 8:34 PM