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
- Ensure RTGS systems are fully ISO 20022 compliant by June 30, 2014.
- Acknowledge receipt of this circular to RBI as instructed.
- Prepare for potential penal action if the extended deadline is missed.
Who it affects
All RTGS member banks and financial institutions, RTGS system participants
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.