Swabhiman scheme for 5 cr families soon: Pranab

Under the scheme subscribers would get Rs1,000 from the government each year for a subscription amount of Rs12,000 per year
New Delhi: The government on Tuesday said its financial inclusion programme Swabhiman, in which five crore households would be provided access to banking services in unbanked areas, will be rolled out soon. At Economic Editors Conference in New Delhi, finance minister Pranab Mukherjee said, Swabhiman a nationwide programme on financial inclusion, estimated to cover approximately five crore households, is now ready for roll out. He said the government has also launched Swavalamban, a pension scheme for workers in the unorganised sector, who do not have access to the social security net. Under the scheme subscribers would get Rs1,000 from the government each year for a subscription amount of Rs12,000 per year. The scheme will remain valid for this financial year and for the next three consecutive fiscals. Government has targeted ten lakh workers from un- organized sectors each during the initial four years of the implementation of Swavalamban Scheme totalling to 40 lakh subscribers by March 2014, Mukherjee added. NEFT facilitates one-to-one funds transfers between banks, irrespective of location Retail Provides six settlements at 9.00, 11.00, 13.00, 14.00, 15.00 and 17.00 hrs Covers 91 banks and 60,000 branches at over 4,500 centres Around 5 mn. transactions on monthly basis No amount limits Operates on a T+0 basis (for settlement) Customers can use funds on same day or next day Branches need to have a IFSC code for participation List of IFSC codes updated and placed on RBI website

Highly Secured smart card based access Implemented in India with effect from 26th March 2004 'Y' topology structure Membership to RTGS is open to all scheduled commercial and cooperative banks, primary dealers, clearing agencies and other institutions at the discretion of RBI. Transactions types permitted Member's own inter-institutional transactions Transactions on behalf of customers Financial market related transactions Multilateral net settlement obligations of cheque-based and other electronic

clearing. Branch coverage now nearly 60,000 RTGS timings extended

Monday Friday 9.00 to 16.30 hrs Customer 9.00 to 18.00 hrs Inter-bank

Saturday 9.00 to 12.30 hrs Customer Highest

9.00 to 14.30 hrs Inter-bank Settled 2.34 mn transactions in July 2009 for value Rs. 31.79 tn

ever volume SEBIs request to consider corporate bond settlement in RTGS on DVP-I basis has been acceded to

IFSC stands for Indian Financial System Code . The Payment System Applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) developed by the Reserve Bank of India use these codes. The code consists of 11 Characters : (e.g ICIC0000039)

First 4 characters represent the entity (ICIC0000039 ) Fifth position has been defaulted with a '0' (Zero) for future use (ICIC0000039) Last 6 character denotes the branch identity (ICIC0000039 )

IFSC is being identified by the RBI as the code to be used for various payment system projects within the country, and it would, in due course, cover all networked branches MICR is an acronym for Magnetic Ink Character Recognition. The MICR Code is a numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme. The MICR code consists of 9 digits : (e.g 411229003)

First 3 digits represent the city (411229003 ) Next 3 digits represent the bank (411229003 ) Last 3 digits represent the branch (411229003 )