What changed
RBI notified that CFMS, the funds transfer system, was shut down from January 1, 2013. Member banks were allowed to view historical CFMS data until March 31, 2013. From April 1, 2013, both CFMS data access and helpdesk services will be completely withdrawn.
What it means for you
Banks that relied on CFMS for funds transfer or reconciliation must have already migrated to alternative systems. After March 31, 2013, no CFMS data or support will be available, so any pending queries or data retrieval must be completed before that date. This closure is final and irreversible.
What you must do
- Ensure all CFMS data needed for audit, reconciliation, or reference is downloaded and archived before March 31, 2013.
- Confirm that your bank has fully transitioned to the replacement funds transfer system (e.g., RTGS/NEFT) and that all staff are trained.
- Notify relevant internal teams (IT, operations, treasury) about the April 1, 2013 cutoff for CFMS access.
- Acknowledge receipt of this RBI circular to confirm compliance.
Who it affects
All CFMS member banks, Treasury and funds transfer operations teams, IT and data management departments, Audit and reconciliation teams
Can we still use CFMS for funds transfer after January 1, 2013?
No. CFMS was discontinued for funds transfer from January 1, 2013. Only historical data access was allowed until March 31, 2013.
What happens if we miss the March 31, 2013 deadline to download CFMS data?
After April 1, 2013, CFMS data access and helpdesk services will be unavailable. You will lose access to all historical CFMS information permanently.
Is there any extension or alternative support after April 1, 2013?
No. The circular clearly states that no CFMS helpdesk or data access will be provided from April 1, 2013. Banks must complete all data retrieval before that date.