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Bengal State Cooperative Bank Ltd. now a NDS Member
The first Cooperative bank in eastern India achieved this feat
trading through NDS are taking place without any setup at Mumbai
Constituent can open CSGL account with us
Currently a number of DCCBs and UCBs maintained CSGL account with us
We are pleased to inform you that The West Bengal State Cooperative Bank
Ltd.(WBSCB) is now Real Time Gross Settlement (RTGS)
This offer will strengthen relationship between the bank and its customers.
What is Real Time Gross Settlement (RTGS) ?
RTGS is a large value funds transfer system
whereby financial intermediaries can settle interbank transfers for their own
account as well as for their customers. The system effects final settlement of
interbank funds transfers on a continuous, transaction- by-transaction basis
throughout the processing day.
is an inter-bank funds transfer system (settlement)
settling funds on a transaction by transaction basis (gross) i.e without
netting debits against credits
as and when the transactions are triggered (real time)
assuring finality of settlement (irrevocable fund transfer)
this system, payment instructions between banks are processed and settled
individually and continuously throughout the day. This is in contrast to net
settlements where payment instructions are processed throughout the day but
inter-bank settlement takes place only later typically at the end of the day.
Transactions across RTGS move only where the remitting (sending) bank has
liquidity. Thus RTGS is an approach to risk reduction and it aims at reducing
inter-bank settlement risk. In the RTGS system, payee banks and their customers
receive funds with certainty, or so-called finality, during the day, enabling
them to use the funds immediately without exposing themselves to risk.
Salient Features :
Quicker settlement cycles
Assured finality of settlement
Intra Day Credit/Liquidity
Reduced operational risk of fraud and loss of cheques
Controlled flow of transactions
Wider day time window for collections / payments
Cuts across geographical boundaries
Cuts across Inter Bank and Clearing House settlement issues
For payments through RTGS, the remitter (customer) is required to submit the 'RTGS
Funds Transfer Application Form' (authorising West Bengal State Cooperative Bank
Ltd. to debit the remitter's account and transfer funds to the beneficiary
specified in the application form) at our Kolkata Main Branch
How it benefited other banks
Any bank which is not eligible for RTGS membership or chooses not to become an
RTGS member should make arrangements with our bank to act as their sponsor.
WBSCB is ready to settle interbank transactions on behalf of its constituent