RBI extends RTGS deadline for banks

The Reserve Bank has extended the timeline for banks to adopt new messaging standards in RTGS payment platform to March 31, 2014.

A new RTGS system was put in place in October this year that required banks to adopt ISO 20022 standard messaging formats.

Banks are not yet equipped for the migration as they still rely on temporary solution provided by their IT and service providers for conversion of messages.

The RBI said that it received requests from banks to allow them to continue with the present arrangement till the required modifications were made at the core banking solution (CBS) at banks’ end.