Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARDS :: due date for vat payment :: cpt :: ACCOUNTING STANDARD :: VAT RATES :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India
 
 
« Latest Circulars »
 Payment Systems - Next Orbit (Shri R. Gandhi, Deputy Governor - February 20, 2017 - at the launch of Bharat QR Code at Hotel Trident, Mumbai)
 Financing MSMEs: Banks & FinTechs – Competition, Collaboration or Competitive Collaboration? (Shri S. S. Mundra, Deputy Governor – February 20, 2017 – at the NAMCABS Seminar organized by College of Agricultural Banking in Mumbai)
 Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors
 RBI-Formation of twenty one new districts in the State of Telangana - Assignment of Lead Bank Responsibility
 RBI imposes penalty on Janata Urban Co-operative Bank Ltd., Wai, District Satara
 Monitoring of Foreign Investment under PIS in Indian Companies- Incorporation in Ban List–M/s HDFC Bank Ltd.
 Reserve Bank of India seeks Comments on Draft Circular on Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions
 Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) - Withdrawal of Fortnightly return
 RBI-Foreign Investments in India
  RBI cancels the Licence of the Shri Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, Pune, Maharashtra
  Finance Minister meets the Directors of the RBI Central Board

National / Regional Electronic Clearing Service (NECS / RECS) Extension of service to remaining branches
November, 22nd 2012

RBI/2012-13/303
DPSS.CO.EPPD. No. 825/04.03.02/2012-13

November 21, 2012

The Chairman and Managing Director / Chief Executive Officers
All NECS participant banks

Dear Sir,

National / Regional Electronic Clearing Service (NECS / RECS) Extension of service to remaining branches

NECS was launched by Reserve Bank of India in September 2008 to extend the facility of Electronic Clearing Service on pan-India basis. It was expected that banks will gradually bring all their CBS-enabled branches under NECS, thereby extending the benefits of ECS to all their customers. Subsequently, RECS was also launched in a few states to enable ECS payments /receipts across all the branches located in a state / group of states from a centralised location.

2. As you are aware, both NEFT and NECS are pan-India systems with centralised processing at Mumbai and rely on the CBS network of the banks for central processing of transactions on an STP-basis. However, it is observed that while the number of bank branches under NEFT is increasing significantly, the growth in the number of branches covered under NECS is far below the number of CBS-enabled branches. Given that the requirements for participating in both the systems are similar, there does not seem to be any valid reason for this difference in number of branches covered under NEFT and NECS.

3. The Reserve Bank of India has been pursuing with banks to ensure increased branch coverage under RECS and NECS. With a view to extend both NECS and RECS facility to the customers of all bank branches, the participating banks are once again advised to make efforts in bringing all their branches under NECS/RECS. The branches which are on CBS and already participating in NEFT should be taken up on priority basis. The banks may draw a time bound plan for the same under advice to us.

4. The banks may contact the National Clearing Cell, Nariman Point, Reserve Bank of India, Mumbai for guidance in the matter, if required.

Yours faithfully,

(Charulatha S Kar)
General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions