At present, about 18 million transactions flow through the ECS system every month. This facility is currently available at 70 centers in the country. Settlement takes place on T+1 basis and the cycle gets completed on T+1. RBI is also in the process of developing a National ECS system – about which I will talk a little later.
Internet banking It may be recalled that pursuant to advent of internet-based banking in India, the RBI had appointed a Working Group on Internet Banking in 2001 to address the issues relating to technology and security, legal aspects, and the regulation and supervision of the internet banking activities of the banks.