Banking Industry in India, is huge, and there are many facets to it. As I believe in Epayment Mechanisms, I am interested in Banks who are participants of RTGS/NEFT Epayment Systems. At present 96 Banks are part of RTGS, including Co-operative Banks. Hence, this list is an a good start.
Reserve Bank of India, has done an extraordinary job in creating the essential infrastructure for Epayment Systems.
The Reserve Bank of India had introduced NEFT system in 2005 and RTGS in 2004. As on date, the total number of banks participating in NEFT is 87 and that in RTGS is 96. There are over 49,000 bank branches participating in these two electronic funds transfer systems.
National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds between NEFT enabled bank branches. The beneficiary using NEFT system gets the credit on the same day or the next day depending on the time of settlement.
The acronym 'RTGS' stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel.
Source: Reserve Bank of India Press Release Press Release: 2008-2009/248
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