Central Banking

RBI to get real time gross settlement system, RTGS

INDIA - Logica India, the Indian subsidiary of UK-based computer services group Logica Plc, on Tuesday said it had been awarded a $16 million contract from the Reserve Bank of India (RBI) to implement a national real time gross settlement system (RTGS).

The RTGS, which the central bank plans to put in place soon, will allow all banks in India to make secure, instantaneous, inter-bank payments across the country.

The Indian contract will be Logica's 17th installation of an RTGS system around the

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