In other words, it would facilitate government to use RTGS, NEFT, NECS and other electronic delivery channels for making all its payments through a single bank resulting in reconciliation being that much easier. Banks and financial institutions will benefit from system of having a centralised account for funds and securities and an on-line transaction tracking mechanism linking funds and security legs.
CBS is also intended to provide limited functionality of RTGS in case the RTGS services are not available for any reason. Section 3: game changers Having given a brief on the payment system landscape in India let me draw your attention to some of the trends which have within them the potential to drive our existing payment systems into the next orbit.