Sub Membership For The Banks

Sub Membership For The Banks

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Sub Membership For The Banks

GSC Bank pioneered the use of technology to establish a Technology Umbrella under which all smaller Co-operative banks can become the sub-members of GSC bank and can offer the latest services like

  • RTGS
    Real-Time Gross Settlement is a system where the funds transfer requests from one savings account to another are processed in real-time, i.e., as soon as they are received from the remitting bank
  • NEFT
    NATIONAL ELECTRONIC FUNDS TRANSFER
    It is a secured, economical, reliable and efficient system of funds transfer between banks. At the time of funds transfer, the remitter has to furnish the necessary details i.e., Name & Account No. of the beneficiary, Name of bank/branch and IFSC Code of the beneficiary branch.
  • CTS
    Cheque Truncation System (CTS) Cheque Truncation System (CTS) 1. Introduction. RBI is considering replacement of the existing system of settlement of payment on the basis of physical cheques by a new procedure called “ Cheque Truncation System” (CTS).
  • CSGL
    CSGL, i.e. Constituents’ Subsidiary General Ledger account, means an SGL account opened and maintained with RBI by an agent on behalf of the constituents of such agent, i.e. a second SGL account opened by an agent with the RBI to hold the securities on behalf of their constituents.
  • ATM
    An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller
  • IMPS
    IMPS offer an instant, 24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile, internet and ATMs.
  • UPI
    Unified Payments Interface is an instant real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones.
  • BBPS
    Bharat Connect is an integrated online platform which is being developed by the National Payments Corporation of India for all kinds of bill payments.
  • NACH
    NACH Credit is an electronic payment service used by an institution for affording credits to a large number of beneficiaries in their bank accounts for the payment of dividend, interest, salary, pension etc. by raising a single debit to the bank account of the User Institution