Indian banking sector has made a quantum leap forward in terms of
switching over from paper-based transactions to electronic means,
which include Real Time Gross Settlement (RTGS), National Electronic
Fund Transfer (NEFT) and other electronic modes.

The volume and value of card and electronic based payments have more
than doubled in 2006 from the previous year. "If managed through a
clear, consistent strategy, electronic payment products can be a
real source of competitive advantage and profitability for banks",
according to Anurag Khanna, CEO, Banknet India.

Mr Khanna advised that "Banknet India's Third Annual Conference on
Payment Systems in Banks" will bring together prominent speakers
from Reserve Bank of India and major banks on the 10th January 2007
at Mumbai to discuss on ACH, ECS, RTGS, NEFT, Cheque Truncation.

Extension of electronic funds transfer (EFT) facility by the banks
has changed the money transfer scenario. After launch of RTGS system
by RBI in March 2004, corporate bodies and other bank customers have
now the option to transfer funds to designated branches
instantaneously. The coverage of the RTGS system has increased
significantly. By October 23, 2006, RTGS connectivity was available
in 24,425 branches. The number of transactions using the system has
exceeded 300,000 per month.

The lower value payments are to be settled through National
Electronic Fund Transfer (NEFT), which the RBI is currently
popularising. NEFT system went live on November 1, 2005 and is now
available at 9,096 branches.

The implementation of Cheque Truncation System (CTS) is another
effort from RBI for bringing in paper-less payment systems. The
pilot project for cheque truncation system is expected to be
implemented in New Delhi by end-December, 2006.

Banknet India's "Conference on Payment Systems in Banks" will also
focus on various payment channels like ATMs, Internet & Mobile
Banking and Card Payments. Issues related to Security, Remittances &
Technology will also be deliberated at the conference.

For more conference details please visit:
http://www.banknetindia.com/payment07.htm