RBI to launch SFMs
New
Delhi: Reserve Bank of India is all set to launch a structured financial
messaging system for sending confidential information through V-Sat network
which would enable banks to reduce time-lag and paperwork.
The pilot project for
SFMs, conducted through Punjab National Bank, Canara Bank and Bank of
Maharashtra recently, was tested successfully. The system will be implemented
in the entire Indian banking sector shortly. It has been designed by Institute
of Development and Research for Banking Technology (IDRBT) and the software was
developed by Tata Consultancy Services (TCS). The system would facilitate
inter-bank and intra-bank transactions in cash and securities.
The SFMs would also assist banks to carry out real time treasury operations,
forex deals and even letter of credits.
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