RBI ROAD MAP for ebanking

MUMBAI, JULY : A Reserve Bank of India (RBI) committee has come out with the road map for electronic banking in India and has sought promulgation of a legislation on electronic funds transfer (EFT) system to facilitate multiple payment systems for banks and financial institutions.Recommending that the RBI Act 1934 should be amended, the committee said the central bank should be entrusted with the regulatory and supervisory powers on payment and settlement systems for electronic fund transfer. The committee on technology upgradation was chaired by RBI executive director A Vasudevan.