What changed
The new RTGS system, operational since October 19, 2013, uses ISO 20022 messaging standards for standardization and interoperability. Banks were initially required to be ready by March 31, 2013, but many relied on temporary conversion solutions. RBI has now extended the final adoption deadline to March 31, 2014, after which no further extensions will be allowed.
What it means for you
Banks must urgently upgrade their core banking systems to natively handle ISO 20022 messages instead of relying on conversion tools. This is a hard stop—failure to comply by March 31, 2014, could disrupt RTGS operations. The move aligns India with global payment standards and enables smoother interoperability across systems.
What you must do
- Complete CBS modifications to support native ISO 20022 messaging by March 31, 2014.
- Submit an action taken report to RBI acknowledging receipt of this circular.
- Coordinate with IT/service providers to phase out temporary message conversion arrangements.
- Ensure no reliance on 'R' series format conversion beyond the deadline.
Who it affects
All RTGS member banks, Bank IT and CBS teams, Payment system service providers
What is the new deadline for ISO 20022 adoption in RTGS?
The deadline is March 31, 2014. No further extensions will be permitted after this date.
Why did RBI extend the deadline?
Banks requested more time because they had not completed CBS modifications and were relying on temporary conversion solutions from IT providers.
What happens if banks miss the March 31, 2014 deadline?
RBI has stated that no further extensions will be allowed, so non-compliance could lead to operational disruptions in RTGS participation.