RBI seeks data for National ECS rollout (2006)

RBI/2005-06/430 Ref. DPSS (CO) No.1897/04.01.02/2005-2006   June 27, 2006 To the Chairmen / Chief Executive Officers of all the Scheduled Commercial Banks including Co-operative Banks Introduction of National Electronic Clearing Service (National ECS) As you are aware, the Electronics Clearing Service (ECS) is operational at 43 centers as of today. While the RBI is providing these services at 15 locations which are both local and centralised, other banks are operating this clearing at the remaining locations as local clearing. The volume of ECS transactions – both in Debit Clearing and Credit Clearing – has been growing rapidly. The growth rate of Debit Clearing transactions is much larger than the Credit Clearing and many utility companies have evinced a lot of interest in utilising the system for collection of utility bills. 2. There has been a pressing demand from various sections viz. capital market participants, mutual funds industry, banks, etc. to start a robust state-of-the-art nationwide ECS covering more branches and locations with Centralised data submission system. We are in the process of designing an ECS system which will have much broader coverage than the existing system with Centralised data submission ensuring safety and is efficient as well. 3. In order to design such a product, we request you to provide the following data urgently please.

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2005-06/430 · issued 27 Jun 2006. The plain-English explanation above is BankPulse’s own independent summary.

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