In March 1998, the Reserve Bank will start introducing a new upgraded electronically-driven National Payment System to provide for a daily automated settlement of outstanding interbank positions. The system is planned to be extended by September 1998 to effect intraday settlements on a gross basis for large transactions.
The introduction of the new versatile payment and settlement system will also provide a good opportunity for the Reserve Bank to reconsider the existing accommodation arrangements between the Bank and private banking institutions.