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Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System,
Real Time Gross Settlement (RTGS) System, IMPS.

Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR,
OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System,
Real Time Gross Settlement (RTGS) System, IMPS.

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  1. 1. UNIT-5 Concepts in Banking and Accounting of transactions
  2. 2. Concepts in Banking and Accounting of transactions: Accounting in banks, Electronic Banking, RTGS, ATM, MICR, OCR, OMR, and DATANET, Petty Cash, Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT) System, Real Time Gross Settlement (RTGS) System, IMPS.
  3. 3. PETTY CASH Petty cash is a nominal sum which is preserved in hand to cover minor expenses, such as reimbursements or other office-related expenses. Like other funds, petty cash will also be subject to regular reconciliations, with every transaction being recorded in the official statements and other records. Almost every department of a large corporation maintains petty cash in a drawer, small box, or other similar containers.
  4. 4. The presence of petty cash provides the much- needed flexibility for doing small transactions for which handing out a demand draft or a bank cheque seems illogical. The nominal amount stored in the form of cash which an organisation deems petty will vary across companies. However, most organisations maintain a petty cash reserve in the range of Rs 5,000 to Rs 20,000.
  5. 5. The following are some of the transactions for which petty cash is made use of: – Office stationeries – Office supplies – Water dispensary – Team lunch – Refreshments for the clients who visit the office for business – Reimbursing employees who have spent a nominal sum on behalf of the company Each department would have appointed an executive to look after the transactions of the petty cash reserve. The duty of custody of petty cash involves enforcing the rules set to make use of petty cash, disbursing, and reimbursing petty cash on a regular basis.
  6. 6. Journal Entries Even though petty cash is a nominal sum, the transactions made using petty cash is still recorded in the financial statements of the organisation. Accounting journal entries would not be made when there is a purchase being made using the petty cash. It is recorded when the individual in charge to oversee this fund is in need of more money in exchange for the invoice, bills, or receipts. The journal entry is made only when the custodian of petty cash is handed with excess cash or when a large amount is being debited or credited to the petty cash.
  7. 7. Electronic Clearing Service (ECS), ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk collection of amounts towards telephone / electricity / water dues, cess / tax collections, loan installment repayments, periodic investments in mutual funds, insurance premium etc. Essentially, ECS facilitates bulk transfer of monies from one bank account to many bank accounts or vice versa. ECS includes transactions processed under National Automated Clearing House (NACH) operated by National Payments Corporation of India (NPCI).
  8. 8. 2Primarily, there are two variants of ECS - ECS Credit and ECS Debit. ECS Credit is used by an institution for affording credit to a large number of beneficiaries (for instance, employees, investors etc.) having accounts with bank branches at various locations within the jurisdiction of a ECS Centre by raising a single debit to the bank account of the user institution. ECS Credit enables payment of amounts towards distribution of dividend, interest, salary, pension, etc., of the user institution.
  9. 9. ECS Debit is used by an institution for raising debits to a large number of accounts (for instance, consumers of utility services, borrowers, investors in mutual funds etc.) maintained with bank branches at various locations within the jurisdiction of a ECS Centre for single credit to the bank account of the user institution. ECS Debit is useful for payment of telephone / electricity / water bills, cess / tax collections, loan installment repayments, periodic investments in mutual funds, insurance premium etc., that are periodic or repetitive in nature and payable to the user institution by large number of customers etc.
  10. 10. Based on the geographical location of branches covered, there are three broad categories of ECS Schemes – Local ECS, Regional ECS and National ECS. These schemes are either operated by RBI or by the designated commercial banks. NACH is also one of the form of ECS system operated by NPCI and further details about NACH is available at NPCI web site under the link http://www.npci.org.in/clearing_faq.aspx.
  11. 11. • Local ECS – this is operating at 81 centres / locations across the country. At each of these ECS centres, the branch coverage is restricted to the geographical coverage of the clearing house, generally covering one city and/or satellite towns and suburbs adjoining the city.
  12. 12. • Regional ECS – this is operating at 9 centres / locations at various parts of the country. RECS facilitates the coverage all core-banking-enabled branches in a State or group of States and can be used by institutions desirous of reaching beneficiaries within the State / group of States. The system takes advantage of the core banking system in banks. Accordingly, even though the inter-bank settlement takes place centrally at one location in the State, the actual customers under the Scheme may have their accounts at various bank branches across the length and breadth of the State / group of States.
  13. 13. National ECS – this is the centralized version of ECS Credit which was launched in October 2008. The Scheme is operated at Mumbai and facilitates the coverage of all core-banking enabled branches located anywhere in the country. This system too takes advantage of the core banking system in banks. Accordingly, even though the inter-bank settlement takes place centrally at one location at Mumbai, the actual customers under the Scheme may have their accounts at various bank branches across the length and breadth of the country.
  14. 14. Banks are free to add any of their core- banking-enabled branches in NECS irrespective of their location. Details of NECS Scheme are available on the website of Reserve Bank of India at http://www.rbi.org.in/scripts/bs_viewcontent .aspx?Id=2345
  15. 15. The User intending to effect payments through ECS Credit has to submit details of the beneficiaries (like name, bank / branch / account number of the beneficiary, MICR code of the destination bank branch, etc.), date on which credit is to be afforded to the beneficiaries, etc., in a specified format (called the input file) through its sponsor bank to one of the ECS Centres where it is registered as a User. The bank managing the ECS Centre then debits the account of the sponsor bank on the scheduled settlement day and credits the accounts of the destination banks, for onward credit to the accounts of the ultimate beneficiaries with the destination bank branches.
  16. 16. Further details about the ECS Credit scheme are contained in the Procedural Guidelines and available on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/ECSUserView. aspx?Id=1
  17. 17. ECS can be used to transfer funds to Non Resident External (NRE) and Non Resident Ordinary (NRO) accounts in the country. This, however, is subject to the adherence to the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.
  18. 18. The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise per transaction to the Clearing house and destination bank respectively. Destination bank branches have been directed to afford ECS Credit free of charge to the beneficiary account holders.
  19. 19. The most commonly used online fund transfer method has been: – National Electronic Funds Transfer (NEFT) – Real-Time Gross Settlement (RTGS) – Immediate Mobile Payment Service (IMPS) While NEFT and RTGS were introduced by RBI (Reserve Bank of India), IMPS was introduced by National Payments Corporation of India (NPCI).
  20. 20. NEFT National Electronic Funds Transfer (NEFT) is a payment system that facilitates one-to-one funds transfer. Using NEFT, people can electronically transfer money from any bank branch to a person holding an account with any other bank branch, which is participating in the payment system. Fund transfers through the NEFT system do not occur in real-time basis and the fund transfer settles in 23 half-hourly batches.
  21. 21. • Through this move, the RBI has joined an elite club of countries having payment systems which enable round-the-clock fund transfer and settlement of any value. • Benefit to Customers: Customers can now transfer money through NEFT without paying any charges any time of the day whereas banks charge a fee for fund transfer through cheques and Demand Draft (DD).
  22. 22. Background The NEFT system, introduced in 2005, has seen exponential growth in recent years reflecting its popularity as well as increasing customer acceptance. Despite such growth, many banks continued to levy the maximum permissible charges to their customers. It was desirable that the benefits accruing on account of increasing volume of transactions are passed on to the customers so as to incentivise greater use of the electronic payment system in place of cumbersome paper-based mechanism like cheques/DDs.
  23. 23. NEFT offers the following advantages for funds transfer or receipt: – Round the clock availability on all days of the year. – Near-real-time funds transfer to the beneficiary account and settlement in a secure manner. – Pan-India coverage through large network of branches of all types of banks. – Positive confirmation to the remitter by SMS / e-mail on credit to beneficiary account. – Penal interest provision for delay in credit or return of transactions.
  24. 24. NEFT offers the following advantages for funds transfer or receipt: – No levy of charges by RBI from banks. – No charges to savings bank account customers for online NEFT transactions. – Besides funds transfer, NEFT system can be used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc. – Available for one-way funds transfers from India to Nepal.
  25. 25. Step-wise flow of NEFT transaction. Step-1: An individual / firm / corporate willing to transfer funds through NEFT can use the internet/mobile banking facility offered by his/her bank for initiating online funds transfer request. The remitter has to provide details of beneficiary such as, name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number, etc. for addition of the beneficiary to his/her internet/mobile banking module. Upon successful beneficiary addition, the remitter can initiate online NEFT funds transfer by authorizing debit to his/her account. Alternatively, the remitter can also visit his/her bank branch for initiating NEFT funds transfer through branch/off-line mode. The customer has to fill-in the beneficiary details in NEFT application form available at the bank branch and authorize the branch to debit to his/her account to the extent of the amount requested in NEFT application form.
  26. 26. Step-2: The originating bank prepares a message and sends the message to its pooling centre, also called the NEFT Service Centre. Step-3: The pooling centre forwards the message to the NEFT Clearing Centre, operated by the RBI, to be included for the next available batch. Step-4: The Clearing Centre sorts the funds transfer transactions beneficiary bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the beneficiary banks (credit). Thereafter, bank-wise remittance messages are forwarded to the beneficiary banks through their pooling centre (NEFT Service Centre). Step-5: The beneficiary banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers’ accounts.
  27. 27. The person having no bank account can remit funds through NEFT to a beneficiary having a bank account, with another NEFT member bank. It can be done by depositing cash at the nearest NEFT enabled branch of any bank, by furnishing additional details such as complete address, telephone number, etc. Such cash remittances will, however, be restricted to a maximum of Rs. 50,000/- per transaction.
  28. 28. The outbound remittances through NEFT system are permitted only to Nepal under Indo-Nepal Remittance Scheme. Under this scheme, the remitter can transfer funds from any of the NEFT- enabled bank branches in India to Nepal, irrespective of whether the beneficiary in Nepal maintains an account with a bank branch in Nepal or not. The beneficiary would receive funds in Nepalese Rupees. The details of the Indo-Nepal Remittance Facility Scheme are available on the website of RBI at https://rbi.org.in/scripts/FAQView.aspx?Id=67
  29. 29. The essential elements of beneficiary's identification are: Beneficiary's Name Beneficiary's Branch Name Beneficiary's Bank Name Beneficiary's Account Type Beneficiary's Account No. Beneficiary's Branch IFSC
  30. 30. The RBI does not levy any charges from member banks for NEFT transactions. Also, there are no charges to be levied for Inward transactions at destination bank branches for giving credit to beneficiary accounts. For outward transactions, the maximum charges that bank can levy from their customer for NEFT transaction are as follows: a) With effect from January 01, 2020, banks have been advised to not levy any charges from their savings bank account holders for NEFT funds transfers initiated online.
  31. 31. b) Maximum charges which can be levied for outward transactions at originating bank for other transactions – - For transactions up to Rs. 10,000 : not exceeding Rs. 2.50 (+ Applicable GST) - For transactions above Rs. 10,000 up to Rs. 1 lakh: not exceeding Rs. 5 (+ Applicable GST) - For transactions above Rs. 1 lakh and up to Rs. 2 lakhs: not exceeding Rs. 15 (+ Applicable GST) - For transactions above Rs. 2 lakhs: not exceeding Rs. 25 (+ Applicable GST) c) The details about Charges applicable for transferring funds from India to Nepal using the NEFT system under the Indo-Nepal Remittance Facility Scheme is available on the website of RBI at https://rbi.org.in/scripts/FAQView.aspx?Id=67
  32. 32. National Electronic Funds Transfer (NEFT) – NEFT transfers funds between two bank accounts through electronic messages. This transaction happens on a one–to–one basis. Fund transfer through NEFT doesn’t occur on a real-time basis which is unlike RTGS and IMPS. NEFT usually settles transfers in hourly batches during their business hours. In NEFT, 23 settlements occur between 8 A.M. and 6.30 P.M. NEFT fund transfer conducts business on weekdays and the 1st, 3rd, and the 5th Saturday of a calendar month. Additionally, NEFT is managed by the Reserve Bank of India and its transfer mechanism settles payments through net transfer facility in batches.
  33. 33. 'RTGS' stands for Real Time Gross Settlement, which can be explained as a system where there is continuous and real- time settlement of fund-transfers, individually on a transaction by transaction basis (without netting). NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction by transaction basis throughout the day.
  34. 34. RTGS is available 24x7x365 with effect from December 14, 2020. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2,00,000/- with no upper or maximum ceiling With effect from July 01, 2019, the Reserve Bank has waived the processing charges levied by it for RTGS transactions. Banks may pass on the benefit to its customers.
  35. 35. With a view to rationalise the service charges levied by banks for offering funds transfer through RTGS system, a broad framework of charges has been mandated as under: a) Inward transactions – Free, no charge to be levied. b) Outward transactions – Rs. 2,00,000/- to 5,00,000/- : not exceeding Rs. 24.50/-; (exclusive of tax, if any) Above Rs. 5,00,000/- : not exceeding Rs. 49.50/-. (exclusive of tax, if any) Banks may decide to charge a lower rate but cannot charge more than the rates prescribed by RBI. Circular Ref. No. DPSS (CO) RPPD No.1140/04.03.01/2019-20 dated December 16, 2019 on ‘Furthering Digital Payments – Waiver of Charges – NEFT System’ (available at https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11756&M ode=0) may be referred to for further details.
  36. 36. The remitting customer has to furnish the following information to a bank for initiating an RTGS remittance: – Amount to be remitted – The account number to be debited – Name of the beneficiary bank and branch – The IFSC number of the receiving branch – Name of the beneficiary customer – Account number of the beneficiary customer – Sender to receiver information, if any
  37. 37. For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch need to be RTGS enabled. Presently, there are more than 1,65,000 RTGS enabled bank branches, the list of which is available on the RBI website at the link http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/ RTGEB0815.xlsx
  38. 38. Unique Transaction Reference (UTR) number is a 22 character code used to uniquely identify a transaction in RTGS system. The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide. It has been implemented to improve the quality and accuracy of financial data reporting systems for better risk management. It is used to create a global reference data system that uniquely identifies every legal entity in any jurisdiction that is party to a financial transaction.
  39. 39. It can be obtained from any of the Local Operating Units (LOUs) accredited by the Global Legal Entity Identifier Foundation (GLEIF), the body tasked to support the implementation and use of LEI. In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL) (https://www.ccilindia-lei.co.in), which is also recognised as an issuer of LEI by the Reserve Bank.
  40. 40. All payment transactions of value Rs.50 crore and above undertaken by entities (non- individuals) should include remitter and beneficiary LEI information from April 1, 2021. Banks should use the ‘Remittance Information’ field for recording Remitter and Beneficiary LEI. LEI is not required for customer transactions where both remitter and beneficiary are individuals.
  41. 41. Real-time Gross Settlement (RTGS) –RTGS transfers funds in real-time, i.e. there isn’t any waiting period while transferring funds. Through RTGS, the transaction is settled as and when it is processed. RTGS doesn’t bundle your fund transfer settlement with other fund transfers. In RTGS, your funds are not transferred in batches. In the RTGS fund transfer mechanism, your funds are not clubbed with payments of other users. In RTGS, your funds are transferred individually and they end up in your payee’s account. Moreover, RTGS is a dedicated fund transfer tool and is faster than NEFT. This is why RTGS is preferred for high-value transactions.
  42. 42. Through this mechanism, RTGS transactions are processed within RTGS business hours. RTGS funds are usually credited to payee’s accounts within half an hour. The RTGS window is open from 9 a.m. to 4.30 p.m. on weekdays and 9 a.m. to 2 p.m. on Saturdays. Sundays, bank holidays, and bank-off days are not included in RTGS business hours.
  43. 43. If you need to transfer funds through RTGS and NEFT, then you need the payee’s account no., IFSC code, bank branch, beneficiary’s name, and the amount of money that has to be transferred. The minimum transaction limit of RTGS and NEFT usually is Re. 1. Additionally, the maximum limit for NEFT and RTGS transfer mechanisms depends on each bank. As aforementioned, the minimum transfer limit of IMPS is Re. 1 and the maximum limit of funds can go up to Rupees 2 lakh in a day.
  44. 44. NEFT, RTGS, and IMPS transactional charges vary from bank to bank. NEFT charges can be as low as Re. 1 and as high as Rupees 25, depending upon the channel of your NEFT transaction. RTGS transactions too have charged as low as Rupees 25 and as high as Rupees 55. GST may also be applicable on these transfers. If an RTGS transfer is carried out outside business hours, additional charges may be applied.
  45. 45. IMPS is an innovative real time payment service that is available round the clock. This service is offered by National Payments Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India.
  46. 46. Funds Transfer and Remittances 1. Sending Money 2. Receiving Money QSAM (Query Service on Aadhaar Mapper) – This service helps user in knowing their Aadhaar Seeding status with their bank account. – This service can be availed by dialling *99*99# – User will know whether his/her AADHAAR number is seeded/linked to any bank account number or not – If yes, then with which bank and when it was last updated
  47. 47. The following channels may be used to initiate IMPS transactions. – Mobile phones – Smartphone- Bank App/ SMS / WAP/USSD (NUUP) – ·Basic phone-SMS/USSD (NUUP) – Internet- Bank’s Internet banking facility – ATM-By Using ATM Card at Banks ATM The sender enters receivers details like: • Mobile Money Identifier ·(MMID) & Mobile no. or Account number & IFS Code or Aadhaar number • Amount to be transferred • Remarks/Payment Reference number • Sender’s M-PIN Both sender & receiver get SMS confirmation.
  48. 48. For using IMPS on mobile phones, a customer will have to register for mobile banking with his/her individual bank. However, for initiating IMPS using Bank branch, Internet banking and ATM channels, no prior Mobile banking registration is required. Both banked as well as un-banked customer can avail IMPS. However, unbanked customer can initiate IMPS transaction using the services of Pre-Paid Payments instrument issuer (PPI).
  49. 49. Mobile Money Identifier is a 7 digit number, issued by banks. MMID is one of the input which when clubbed with mobile number facilitates fund transfer. Combination of Mobile no. & MMID is uniquely linked with an Account number and helps in identifying the beneficiary details. Different MMID’s can be linked to same Mobile Number. (contact your bank for getting the MMID issued)
  50. 50. The process of IMPS transfer through net-banking is as follows – Log into your bank’s net-banking portal; add an IMPS beneficiary by inputting the beneficiary’s account no., account type, IFSC Code, name, and contact details; after your bank confirms that the beneficiary has been included, go to Fund Transfer and then select the beneficiary to whom you want to transfer funds. Once you do that the beneficiary’s account details will appear, enter Amount and Remarks (optional). Verify the payment and your funds will be transferred instantly through IMPS.
  51. 51. The process of IMPS transfer through mobile banking is as follows – Log into your bank’s mobile banking application; add the beneficiary, if not already added (the process of adding a beneficiary has been described above), once the beneficiary is added, click on Send Money/Fund Transfer tab and go to the IMPS option; there enter Beneficiary mobile no., Amount and the beneficiary’s Mobile Money Identifier (MMID). The application will then ask for your Mobile PIN (MPIN) to authenticate the transfer, once you verify your Mobile PIN, your money will be transferred and then the bank will send you a confirmation text message mentioning the transaction no. You can use that transaction no. while giving feedback/for queries and complaints.
  52. 52. To receive money through IMPS, just provide your mobile no. and Mobile Money Identifier (MMID) to the payer, and then the payer will be able to transfer money to you through IMPS. If the payer is paying you through IMPS net-banking, you will have to provide the payer with your account details such as account name, account no., IFSC Code, etc. so that the payer can add you as a beneficiary.
  53. 53. For IMPS, the minimum transactional charges usually are Rupees 5 and maximum charges can go up to Rupees 15. Moreover, these charges may vary from bank to bank. Moreover, there can be an additional service tax chargeable with IMPS.
  54. 54. e-RUPI is a cashless and contactless instrument for digital payment. It is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider. It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.
  55. 55. e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, it assures timely payment to the service provider without involvement of any intermediary.
  56. 56. It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services. It can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies etc. Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes.
  57. 57. Government Initiatives As per Union Budget 2021-22, the government will disinvest IDBI Bank and privatise two public sector banks. As per Union Budget 2019-20, the Government proposed fully automated GST refund module and an electronic invoice system that will eliminate the need for a separate e-way bill. Government smoothly carried out consolidation, reducing the number of Public Sector Banks by eight. As of September 2018, the Government of India made Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme an open-ended scheme and added more incentives. The Government of India planned to inject Rs. 42,000 crore (US$ 5.99 billion) in public sector banks by March.
  58. 58. he achievements of the Government: In April 2021, Unified Payments Interface (UPI) recorded 2.73 billion transactions worth Rs. 4.93 lakh crore (US$ 67.31 billion). According to the RBI, India’s foreign exchange reserves reached US$ 582.41 billion, as of April 16, 2021 To improve infrastructure in villages, 204,000 point of sale (PoS) terminals have been sanctioned from the Financial Inclusion Fund by National Bank for Agriculture & Rural Development (NABARD). The number of transactions through immediate payment service (IMPS) increased to 322.96 million (by volume) and amounted to Rs. 2.99 trillion (US$ 40.85 billion) by value in April 2021.

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