SB Order 08/2022, SB Order No. 08/2022, sb order 08/2022 pdf download, neft and rtgds facility for post office holders, neft full form, rtgs full form

A new SB order no.08 for the year 2022 has been issued by the Department of Posts.

SB order 08/2022 regarding introduction of NEFT and RTGS facility for POSB account holder on 31.05.2022.

NEFT and RTGS are different products.

Check departmental order regarding SB order no 08/2022.

What is SB Order 08/2022

F.No.CB-25/53/2020-FS
Indian government
Ministry of Communications
post office
(FS Division)
Dak Bhawan, New Delhi
Date: 18.05.2022

the explanation

Per,
Heads of all Circles/Regions,
Subject: NEFT/RTGS facility for POSB account holders reg.
Sir/Madam,
Attention is invited to SB Order No. 08/2022 issued vide letter of even number of this office.

Dated 17.05.2022.

In this regard, it is to be clarified after references received from field units that NEFT and RTGS are different products.

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The SOP circulated to the Post Offices in Annexure-II of the said order is for NEFT only.

RTGS functionality is currently being tested and is expected to be commissioned by 31.05.2022.

The rollout date for NEFT, as mentioned in Para L of SB Order No. 08/2022, may be read as 18.05.2022.

Separate SOP for RTGS will be circulated in due course before rollout.

This issues with the approval of the competent authority
(Puneet Bijrania)
ADG (FS II)

SB Order No. 08/2022- NEFT & RTGS for Post Office Account Holders

F.No.CB-25/53/2020-FS
Indian government
Ministry of Communications
post office
(FS Division)
Dak Bhawan, New Delhi
Date: 17.05.2022
Per,
Heads of all Circles/Regions,
Subject: NEFT/RTGS Facility for POSB Account Holders – Relationship
Sir/Madam,
This is regarding the rollout of NEFT/RTGS facility for POSB accounts which is going to be
For POSB account holders operational from 31.05.2022.
Standard Operating Procedure for Payment Channel Division, Bangalore (Annex IStandard Operating Procedure for end users of Post Offices (Annex II), and standard accounting procedures (Annex-III) are attached herewith.
Therefore, it is requested to circulate the same to all concerned for information, necessary action and guidance.

Wide publicity about the availability of NEFT/RTGS facility to the POSB account holders can also be done through the notice boards/ information boards of all the post offices in the public areas.

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This issues with the approval of the competent authority.
style="text-align: right;">(Puneet Bijrania)
ADG (FS II)

NEFT full form

The full form of NEFT is National Electronic Fund Transfer.

NEFT is an interbank payment system operated by RBI.

Under this scheme, individuals can transfer money electronically from any bank branch or channel to any other person who has an account with any other bank branch in the country which is participating in the scheme.

NEFT transactions are automated by banks through Straight Through Processing (STP) mode.

NEFT transaction is a 24 x 7 x 365 payment system.

Transactions between banks are settled by RBI in batches of every half hour.

The DoP sponsor bank is participating in the scheme through IPPB.

DOP is integrated with IPPB MQ server for CBS NEFT message transmission.

rtgs full form

The full form of RTGS is Real Time Gross Settlement.

RTGS is defined as continuous and real-time settlement of fund transfers by individuals on any transaction without netting or grouping.

Real-time means processing instructions at the time they are received.

Gross settlement means that the fund transfer instructions are settled individually.

RTGS transactions are available 24 x 7 x 365.

SB Order 08/2022 PDF Download

click here To download PDF file of SB order no.

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08/2022.

conclusion –

Today I told you about the complete details of SB Order 08/2022.

It explained NEFT and RTGDS in full form.