Home › Circulars › RBI/2013-14/546

RTGS ISO 20022 Deadline Extended to June 30, 2014

Current · Source: Reserve Bank of India · RBI/2013-14/546 · issued 28 Mar 2014 · ~1 min read
Quick answerRBI extends RTGS ISO 20022 messaging compliance deadline to June 30, 2014, after participants cited technical difficulties. Non-compliance after this date will invite penal provisions under the PSS Act, 2007.
The rule, in the simplest words
How it plays out — a real example

As a payments & clearing officer in Indore, I need to ensure that our RTGS system is fully ISO 20022 compliant by June 30, 2014, to avoid any penalties. I will work closely with our IT team to upgrade our system and test it thoroughly to ensure seamless message processing without conversion from 'R' series formats.

What changed

The original deadline of March 31, 2014, for RTGS participants to adopt ISO 20022 messaging standard has been extended to June 30, 2014. This extension follows requests from participants facing technical challenges in meeting the earlier timeline.

What it means for you

Banks and RTGS members get three more months to upgrade their systems for seamless ISO 20022 message processing without conversion from 'R' series formats. Failure to comply by the new deadline will trigger penalties under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007.

What you must do

Who it affects

All RTGS member banks and financial institutions, RTGS system participants

❓ Common questions

Why was the deadline extended?

Participants requested more time due to technical difficulties in implementing ISO 20022 messaging by the original March 31, 2014 deadline.

What happens if we miss the new deadline?

RBI will consider invoking penal provisions under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007 for non-compliance.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/546 DPSS (CO) RTGS No. 2065/04.04.017/2013-14 March 28, 2014 The Chairperson / Chief Executive Officer RTGS Members Madam / Dear Sir, Adoption of ISO 20022 Messaging Standard in RTGS System A reference is invited to our circular 2013 – 14/413 [ DPSS (CO) RTGS No. 1357/04.04.017/2013-14 ] dated December 20, 2013 regarding adoption of ISO 20022 messaging standard by participants for seamless processing of RTGS messages without conversion from/to “R” series formats by March 31, 2014. 2. Requests have been received from the participants seeking extension of time to comply with the aforesaid circular citing technical difficulties in meeting the deadline. 3. On review of the requests it has been decided to extend the time up to June 30, 2014 to comply with the directive issued by the Bank. All the RTGS participants are advised to strictly adhere to the revised time line. 4. RBI will consider invoking the penal provisions under section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007 for participants who do not adhere to the extended timeline of June 30, 2014. 5. The circular is issued under section 10(2) of the PSS Act, 2007. 6. All RTGS members are advised to acknowledge receipt of this circular. Yours faithfully, Nilima Ramteke General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/546 · issued 28 Mar 2014. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Ensure RTGS systems are fully ISO 20022 compliant by June 30, 2014.
📜 Compliance
  • Acknowledge receipt of this circular to RBI as instructed.
  • Prepare for potential penal action if the extended deadline is missed.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All RTGS member banks and financial institutions, RTGS system participants), your first concrete step on “RTGS ISO 20022 Deadline Extended to June 30, 2014” is: “Ensure RTGS systems are fully ISO 20022 compliant by June 30, 2014.” (RBI issued this 28 Mar 2014).

  1. Circular: RBI/2013-14/546 -- RTGS ISO 20022 Deadline Extended to June 30, 2014
  2. Issued: 28 Mar 2014
  3. Action required: Ensure RTGS systems are fully ISO 20022 compliant by June 30, 2014.
  4. Action required: Acknowledge receipt of this circular to RBI as instructed.
  5. Action required: Prepare for potential penal action if the extended deadline is missed.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8813&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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