PAYMENT AND SETTLEMENT SYSTEMS

Payment and settlement systems play an important role in improving overall economic efficiency. They consist of all the diverse arrangements that we use to systematically transfer money-currency, paper instruments such as cheques, and various electronic channels.

PDF - Directions for opening and operation of Accounts and settlement of payment for electronic payment transactions involving intermediaries ()
Date : Dec 28, 2010
Directions for opening and operation of Accounts and settlement of payment for electronic payment transactions involving intermediaries

RBI/2010-11/339
DPSS.CO.OSD. No. 1448/06.08.001/2010-2011

December 28, 2010

To

All Scheduled Commercial Banks

Dear Sir,

Directions for opening and operation of Accounts and settlement of
payment for electronic payment transactions involving intermediaries

Please refer to our circular Ref no. 1381/06.08.001/2010-11 dated December 20, 2010 on the captioned subject.

2. In continuation of the above directions, please note to forward a covering letter from your bank certifying that the quarterly certificate from the concurrent auditor being furnished to the Reserve Bank of India on the operations of the intermediaries' accounts includes all the intermediaries accounts maintained with your bank. 

3. Please acknowledge receipt.

Yours faithfully

G Srinivas
(General Manager)

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