ABN AMRO Bank will offer its customers the benefit of of straight through processing (STP) on real time gross settlement (RTGS) system.
It is expected that high value clearing of cheques will benefit from this system; the high value clearing usually forms nearly 80 per cent of the value of total amount cleared. The charges for the service would be dependent on client relationships and the structure of payments, bank officials said at the press conference where the announcement was made. 70 per cent of the branches would use the system, they added.
Ramesh Sobti, executive vice-president, ABN AMRO Bank, said, "The Reserve Bank of India has played a stellar role in making RTGS a reality in the Indian banking system. It is indeed a landmark measure that will take the Indian banking payments system to the international league. It gives me great pleasure in announcing that we are bringing the ease of straight through processing on RTGS systems to our customers."