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RTGS for Customer Transaction / Remittances

The Real Time Gross Settlement (RTGS) System aims to do what e-mail did for the

post card. Instead of sending instructions for payments through cheques, with Real

Time Gross Settlement System banks can route payments through on-line messages toRBIs RTGS Payment Gateway.

As electronic messages move instantaneously the transactions can be concluded

immediately unlike in the case of cheque clearing. In RTGS environment the payer

has to inform his bank to debit his account and credit the payees account with an

equivalent amount. With RTGS, money would move faster and transactions would be

settled in a matter of minutes and the payee would have funds in his account within a

maximum time-frame of two hours of the settlement.

RTGS is an electronic payment system of Reserve Bank of India which provides

online settlement between participating Banks continuously throughout the day. UsingRTGS Customers of the Bank can make payment to the beneficiarys account in

another Bank.

RTGS facilitate the funds transfer across the Banks and Branches. At present 95

Banks and 1435 Branches are under RTGS system. Under RTGS system Inter Bank

transactions and Customer Transactions has been enabled by the Reserve Bank of

India.

Customer Transaction can be outward or inward remittances i.e. Funds can be

transferred by or received by the Customer under RTGS system. The unique feature

of the system is unlike other clearing system in RTGS Funds can be transferred or

received Just In Time i.e. within 2 hours of instructions so given that to at cost less

than draft charges.

For sending the funds through the RTGS all you have to do is fill & sign the Funds

Transfer Instruction Form ( available at Branches ) along with all the necessary

details, such as Name of the beneficiary, Name of the Bank and Branch, A/c No. and

IFSC Code of the beneficiarys Bank.

For receipt of the funds you need to give the IFSC Code of our Bank & Branch to the

remitter of the funds.

After the instructions are received in prescribed form, duly signed in we will remit the

funds through RTGS and within 2 hours funds will be credited to beneficiarys

account.

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SCOPE OF THE STUDY

Today, bank provides the services to customer by using the modern techniques. By

this way they were reduces the proper work by using electronic system in the bank.

Banks have been rapidly expanding the menu of financial services they offer to their

customers. This proliferation of services has accelerated over the years under the

pressure of increasing competition from other financial firms or bank. The levels and

intensity of competition has increase in financial services industry as banks and their

competitors have expanded their service offering.

SOURCES OF DATA:

The secondary data used in thus project is from

Internet

Books

The primary data being used is from

Questionnaire

SAMPLE SIZE

This refers to the number of items to be selected from the company or the bank to

constitute a sample.

The responses came from 50 customers within a specific time period.

FINDINGS

It was found that maximum number of customers is involved in services such as

savings, fixed deposits, of TJSB bank.

It was found that interest rates provided by the bank on various schemes should be

increased.

Better Service is one of the factor which was highly rated by everyone. Maximum

people rated it 4 or 5 which shows how important this factor is.

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SUGGESTIONS

The bank should increase awareness level of customers

They wanted an banker which can satisfy them by providing better service by better

after sales-service and better claim satisfaction.

The focus is on creating product and services that meet the needs of the target

customer and are profitable for the bank as well.