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 postal department. SB order 08/2022 is regarding starting of NEFT and RTGS facility for the POSB account holder for 31.05.2022. NEFT and RTGS are separate products. Check Departmental order regarding SB order no 08/2022.

What is SB Order 08/2022

F. NO.CB-25/53/2020-FS
Government of India
Ministry of Communications
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi
Dated: 18.05.2022
CLARIFICATION
To,
All Head of Circles/Regions,

Sub: NEFT/RTGS facility for POSB Account holders-reg.

Sir/Madam,

Attention is drawn to the SB Order No. 08/2022 issued vide this office letter of even no. dated 17.05.2022.

ln this connection, after the references received from field units it is to be clarified that NEFT and RTGS are separate products. The SOP circulated for Post Offices in Annexure ll of the said order is for NEFT only. RTGS functionality is currently under testing and is expected to be rolled out by 31.05.2022.

The rollout date for NEFT, as mentioned in para L of the 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 Bijaraniya)
ADG (FS II)


SB Order no. 08/2022- NEFT and RTGS for post office account holders


F. NO.CB-25/53/2020-FS
Government of India
Ministry of Communications
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi
Dated: 17.05.2022
To,
All Head of Circles/Regions,

Sub: NEFT/RTGS facility for POSB Account holders-reg

Sir/Madam,

This is regarding the rollout of the NEFT/RTGS facility for POSB accounts which is going to be made
operational for POSB account holders from 31.05.2022.

Standard Operating Procedure for Payment Channel Division, Bengaluru (Annexure l), Standard Operating Procedure for end-users of Post Offices (Annexure ll), and Standard Accounting Procedure (Annexure-III) are attached herewith. 

lt is therefore requested to circulate this to all concerned for information, necessary action, and guidance. Wide publicity about the availability of the NEFT/RTGS facility to POSB account holders may also be made through notice boards/information Boards of all the Post offices in the Public areas.

This issues with the approval of the Competent Authority.


(Puneet Bijaraniya)
ADG (FS II)

NEFT Full form

The full form of NEFT is National Electronic Fund Transfer. NEFT is RBI operated interbank payment system. Under this scheme, individuals can electronically transfer funds from any bank branch or channel to any other individual having an account with any other bank branch in the country participating in the scheme.

NEFT transactions are automated through Straight Through Processing (STP) modes by banks. NEFT transactions are 24 x 7 x 365 payment system. 

Transactions are settled between banks every half an hour batch by RBI. DoP participating in this scheme through sponsor bank IPPB. DoP CBS is integrated with the IPPB MQ server for NEFT message transmission.

RTGS full form

The full form of RTGS is Real Time Gross Settlement. RTGS is defined as the continuous and real-time settlement of fund transfers, individually on a transaction without netting or grouping. 

Real-Time means the processing of instructions at the time they are received. Gross Settlement means the settlement of fund transfer instructions occurs individually. RTGS transactions are available 24 x 7 x 365.

SB Order 08/2022 PDF download

Click here to download the PDF file of SB order no. 08/2022.


Conclusion - Today I told you about the full information on SB order 08/2022. It explained NEFT and RTGDS in full form.