List of Banks participating in NEFT - 103

List of Banks participating in NEFT - 103

National Electronic Funds Transfer System (NEFT)

The reach of NEFT is growing day by day. At present, NEFT is available to customers of 78669 Bank Branches spread all over India.

The following is the list of the 103 Branches along with the number of Branches on the NEFT network.

Bank customers in India, are aware of the wonders of NEFT, and the growing numbers on to the platform, demonstrate its charm in pulling in customers.

Sr. No.	Bank Name	No. of branches as on August 05, 2011 On NEFT
	ABHYUDAYA COOP BANK	100
	ABU DHABI COMMERCIAL BANK	2
	AHMEDABAD MERC COOP BANK	24
	ALLAHABAD BANK	2381
	ANDHRA BANK	1653
	AXIS BANK	1455
	B N PARIBAS BANK	8
	BANK OF AMERICA	5
	BANK OF BAHREIN & KUWAIT	1
	BANK OF BARODA	3433
	BANK OF CEYLON	1
	BANK OF INDIA	3542
	BANK OF MAHARASHTRA	1520
	BANK OF NOVA SCOTIA	5
	BANK OF TOKYO-MITSUBISHI	3
	BARCLAYS BANK	1
	BASSEIN CATHOLIC CO-OP BANK	30
	BHARAT COOPERATIVE BANK	39
	CANARA BANK	3407
	CATHOLIC SYRIAN BANK	369
	CENTRAL BANK OF INDIA	3993
	CHINATRUST COMMERCIAL BANK	1
	CITI BANK	42
	CITIZEN CREDIT COOP BANK	31
	CITY UNION BANK	251
	CORPORATION BANK	1307
	COSMOS CO-OP. BANK	118
	CREDIT AGRICOLE CORP N INVSMNT BANK	6
	DENA BANK	1189
	DEUTSCHE BANK	15
	DEVELOPMENT BANK OF SINGAPORE	12
	DEVELOPMENT CREDIT BANK	87
	DHANALAXMI BANK	276
	DICGC	1
	DOMBIVLI NAGARI SAHAKARI BANK LTD	37
	FEDERAL BANK	761
	FIRSTRAND BANK	1
	GREATER BOMBAY CO-OP. BANK LTD	22
	HDFC BANK LTD.	2174
	HONG KONG & SHANGHAI BANK	51
	ICICI BANK LTD.	2502
	IDBI BANK	944
	INDIAN BANK	1833
	INDIAN OVERSEAS BANK	2221
	INDUS-IND BANK	321
	ING VYSYA BANK	569
	JAMMU & KASHMIR BANK	586
	JANATA SAHAKARI BANK LTD (PUNE)	39
	JANKALYAN SHAKARI BANK	26
	JP MORGAN CHASE BANK	1
	KALUPUR COMM COOP BANK	36
	KALYAN JANATA SAHAKARI BANK	24
	KAPOLE BANK	1
	KARAD URBAN COOP BANK LTD	1
	KARNATAKA BANK	504
	KARNATAKA STATE COOP APEX BANK	1
	KARUR VYSYA BANK	401
	KOTAK MAHINDRA BANK	325
	LAKSHMI VILAS BANK	299
	MAHANAGAR COOP BANK	28
	MASHREQ BANK	1
	MEHSANA URBAN COOPERATIVE BANK LTD	25
	MIZUHO CORPORATE BANK LTD	3
	MSCB	51
	NAINITAL BANK LTD	101
	NEW  INDIA CO-OPERATIVE BANK	26
	NKGSB BANK	43
	NUTAN NAGARIK SAHAKARI BANK	20
	OMAN INTERNATIONAL BANK	1
	ORIENTAL BANK OF COMMERCE	1683
	PARSIK JANATA SAHAKARI BANK	27
	PUNJAB AND MAHARASHTRA BANK COOP LTD	41
	PUNJAB AND SIND BANK	506
	PUNJAB NATIONAL BANK	5257
	RAJKOT NAGARIK SAHAKARI BANK LTD	01
	RATNAKAR BANK	100
	RESERVE BANK OF INDIA	16
	SARASWAT CO-OPERATIVE BANK	247
	SHAMRAO VITHAL COOP BANK	106
	SHINHAN BANK	3
	SOCIETE GENERALE	2
	SOUTH INDIAN BANK	640
	STANDARD CHARTERED BANK	95
	STATE BANK OF BIKANER AND JAIPUR	914
	STATE BANK OF HYDERABAD	1340
	STATE BANK OF INDIA	14475
	STATE BANK OF MAURITIUS	1
	STATE BANK OF MYSORE	709
	STATE BANK OF PATIALA	998
	STATE BANK OF TRAVANCORE	798
	SURAT PEOPLE’S CO-OP BANK	23
	SYNDICATE BANK	2561
	TAMILDADU STATE APEX COOP BANK	1
	TAMILNADU MERC. BANK	251
	THANE JANATA SAHAKARI BANK	59
	THE ROYAL BANK OF SCOTLAND	31
	UBS AG	01
	UCO BANK	2213
	UNION BANK OF INDIA	3091
	UNITED BANK OF INDIA	1600
	VIJAYA BANK	1326
	WEST BENGAL STATE COOPERATIVE BANK LTD	43
103	YES BANK	253
	Total	78699

ECCS – NPCI Circular

ECCS – NPCI Circular

With 1000+ Clearing Houses in India, it is a herculean task, to migrate all the Clearing Houses to ECCS.

ECCS is picking up tempo.

The NPCI Cir. No. is NPCI/ ECCS/2011-12/0807   dt.07/07/2011 and is addressed to The Chairman and Managing Director/Chief Executive Officer of All Scheduled Commercial Banks including RRBs/Urban 

Cooperative Banks State Co-operative Banks/ District Co-operative Banks

The original ECCS circular states that Non-MICR centres will be migrated from the present MMBC to ECCS. MMBC is also present in MICR centres, wherein the ‘Return’, Clearing is conducted on MMBC. Hence, even in 

MICR centres, ECCS has to be introduced.

During the last couple of months, the ECCS awareness is picking up. This is reflected in the increase in the search strings for ECCS in Google and other search engines.

 Originally, it was envisaged that the complete roll-out Pan India, should be over by 30^th September, 2011. Yes, this was an ambitious target. A mid course survey in July 11, by the concerned stake holders i.e NPCI, showed that the progress was not on the intended timelines.

To speedup the roll-out process, NPCI has released 3 Annexures.

 Annexure  I  contain a small write up on ECCS.

 Annexure-II lists out the requirements for a Clearing House Managing Bank

Annexure-II lists the requirements for participation in ECCS for a member bank in the Clearing House  

The best part of the Annexure is the copy of the Purchase Order placed by Manmad Banker’s Clearing House.

NPCI has advised clearing houses to place a collective purchase order on behalf of the Clearing House members with Image Infosystems, the Vendor  of ECCS.

A single purchase order, by the respective clearing houses is a better option, than individual Banks placing the Purchase Order with the Vendor.  

The logistics and the receivable’s are otherwise un-manageable.

The payment to the Vendor is to be released only when ECCS goes live. This minimizes the risks to individual bank’s as the Clearing House can take a collective decision. 

Retail Electronic Payment Systems – NEFT / NECS / RECS / ECS – Levy of Processing Charges

Retail Electronic Payment Systems – NEFT / NECS / RECS / ECS – Levy of Processing Charges

The era of free lunch is over. As the volumes in Retail Electronic Payment Systems are zooming up, the various participants are looking forward to reduce their operating costs.

So far, the RBI had been waiving processing charges for retail electronic payment products (NEFT, NECS, RECS and ECS) since the year 2006 in order to promote the usage of these systems.

The last waiver by Reserve Bank of India was valid up to March 31, 2011. 

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6453&Mode=0

Today, vide RBI Notification No RBI/2010-11/559,DPSS (CO) EPPD No. /2649/ 04.03.01/2010-11, RBI has permitted   Clearing Houses / processing centers to levy charges on the originating banks as under :-

·        25 paise (exclusive of service tax) for every outward transaction

·        25 paise (exclusive of service tax) for every return transaction

The compensation to destination banks, to be paid by the originating banks is also finalized as under:

·        25 paise (exclusive of service tax) for every credit transaction

·        50 paise (exclusive of service tax) for every debit transaction

RBI has made it clear that the participant banks are not permitted to pass on these charges to customers.

 These charges will be applicable from July 01, 2011.

RTGS is not under Retail Electronic Payment Product; hence the charges for RTGS transactions are not covered under this notification.

These charges should encourage new players to set up processing centers and also enable the existing Clearing Houses / processing centers, to strength their infrastructure.

Of course, customers would not prefer to revert back to paper based from electronic mode, due to these charges.  

RBI - Report on Securing Card Present Transaction - Public Comments

RBI - Report on Securing Card Present Transaction - Public Comments

Reserve Bank of India, DPSS has turned its attention to ‘secure transactions’, of ‘cards present’.

Here cards might be Credit Cards/Debit Cards/ATM Cards/ ATM cum Debit Cards

To increase the security levels for ‘card present transactions’, RBI had constituted a working group in March 2011, to look into all the related issues implementing the security of card transactions in India and suggesting a road map for migration.

The Working Group had members drawn from Banks and Card Companies and also NPCI representatives.

The Working Group in a short span of 8 weeks, submitted its report today i.e 02/06/2011

The Working Group members have to be praised for their perseverance to submit the report within a short period of 8 weeks.

RBI has invited comments to be emailed or forwarded to them, by 30^th June 2, 2011

The Working Group Report can be accessed @ http://www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=634

As the electronic money market grows rapidly, it is important that the fraudulent transactions are kept to the minimum, to ensure that the participant’s profitability is not hurt.

It can be noted that the electronic money usage is not only spreading in the urban area, but also spreading in the rural area. The advantages of electronic money are plenty for the rural folks to be attracted towards them.

Over the next month, the report will be discussed thread-bare not only on the internet but also in the print media. 

The more it is discussed, the more comments RBI will receive. The more comments RBI receives, the more robust solution can be found.

By now, articles on the report should have appeared on the Internet.