Express Cheque Clearing System - ECCS

Express Cheque Clearing System - ECCS

Reserve Bank of India, DPSS has decided to take the Bulls by its horns, to upgrade the Clearing Infrastructure in our country.

DPSS, vide its Notification No. RBI/2010-11/423, DPSS (CO) CHD No. 2099/03.02.03/2010-11 dt.March 14, 2011 has launched a program for Automation of non-MICR Clearing Houses – Implementation of a new Clearing Software – Express Cheque Clearing System

The relevant circular can be obtained @ http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6282&Mode=0

It might be noted that the testing of the new package is over and is now ready for commercial launch.

The high lights of the Circular are: -

a)     The package is named as ‘Express Cheque Clearing System’ (ECCS)

b)     ECCS has been developed by M/s Image InfoSystems Pvt. Ltd. (vendor), http://www.imageinfo.in/main.html

c)      

State Bank of India, led the initiative to fine time the package.

d)     

NPCI – National Payments Council of India, has been vested with the roll-out plan, Pan-India.

e)     

The package will be rolled-out in  1,093 non-MICR centers as on date

f)       

The roll-out will commence from 01/04/2011 and be over by 30/09/2011

g)     

Speed Clearing facility to be operationalised and enabled right from day one of implementation of the package.

h)     

As multiple organizations, viz NPCI, NCCs, clearing locations and the member banks, RBI, DPSS will be closely monitoring the progress and will intervene if the project is behind the time-schedule.

Welcome ECCS. By the year end, the Bank customer’s should be able to experience the benefits of ECCS

As this is a standard package, with a committed timeframe for roll-out Banks should not face any difficulties in rolling out at their end.

Indian Bank joins IMPS with soft launch

Indian Bank joins IMPS with soft launch

The punch line of Indian Bank is ‘Taking Banking Technology to the common man’, and keeping this in mind, Indian Bank embraced IMPS on 22/02/2011.

Like most Indian Banks, Indian Bank too has its roots in the pre-independence era.

Indian bank was founded by Annamalai and Ramaswami Chettiar in 1907. This was in response to the financial crash faced by two leading trading companies in Madras, Arbuthnot's and Binny's.

One important nugget of Indian Bank is that Mrs.Ranjana Kumar was the first woman to become head of a public sector bank in India. At the time of her appointment, the Indian Bank was saddled with huge losses, and during her tenure she ensured the turnaround of the Indian Bank. 

She took up the challenge of leading Indian Bank, when other prospective candidates dithered.

Federal Bank joins IMPS with soft launch

Federal Bank joins IMPS with soft launch

One more South Indian Based Bank, Federal Bank, plunged into IMPS. Federal Bank joined IMPS with a soft launch on 15/02/2011.

So, in the next financial year, Federal Bank customer’s would be enjoy the power of IMPS

As usual, this being only a soft launch, no details yet is updated on its website.

The Origins of the Bank can be traced back to the pre-independence era. Initially known as Travancore Federal Bank, it’s existing name ‘Federal Bank’, was adopted in 1947. It’s  headquarters is nestled on the banks on the river Periyar. S

Oriental Bank of Commerce - IMPS

Oriental Bank of Commerce - IMPS

Oriental Bank of Commerce joins IMPS with soft launch

On 10/02/2011, Oriental Bank of Commerce walked into the IMPS club, with a soft launch

As this is a soft launch, Oriental Bank of Commerce has not yet updated the details on its website.

The normal time lag between Soft Launch and Commercial Launch is a month. So, by this month, Oriental Bank of Commerce should be able to all its mobile banking customer’s the IMPS facility.

OBC came into existence in the erstwhile Undivided India on 19th Feb' 1943 in Lahore.

The partition saw the closure of its Branches in Pakistan. However, it’s than chairman Late Lala Karam Chand Thapar honored the commitments made to the depositors from Pakistan and paid every rupee to its departing customers.

Like all Institutions, OBC had its challenging phases. The period of 1970-76 is said to be the most challenging phase in the history of the Bank.  This was because, at one time profit plummeted to Rs.175, and the owner of the bank, the Thapar House, decided to sell / close the bank.

But, the employees and leaders of the Bank came forward to rescue the Bank. The owners were moved and had to change their decision of selling the bank and in turn they decided to improve the position of the bank with the active cooperation and support of all the employees. 

The turnaround happened and OBC was back to normal.

Another turning point was the merger of Global Trust Bank with itself. This enabled the Bank to expand its footprints  

02/03/2011 - RTGS/NEFT working