Centralised Payment System definition

Centralised Payment System means and include Real Time Gross Settlement (RTGS) System, National Electronic Fund Transfer (NEFT) System and National Electronic Clearing Services (NECS) and any other system as may be decided by RBI from time to time.

Related to Centralised Payment System

  • payment system means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;

  • Cash Payment System means a payment system that generates any transfer of funds through a transaction originated by cash, check, or similar paper instrument. This includes electronic payments to a financial institution or clearing house that subsequently issues cash, check, or similar paper instrument to the designated payee.

  • settlement system means a system established and operated by the Bank to facilitate the transfer of funds for the discharge of payment and settlement obligations between system participants;

  • Adjustment system means the complete device by which the vehicle seat or its parts can be adjusted to suit the physique of the seat's adult occupant; this device may, in particular, permit longitudinal displacement, and/or vertical displacement, and/or angular displacement.

  • Automated data acquisition and handling system or "DAHS" means that component of the continuous emission monitoring system, or other emissions monitoring system approved for use under section 11 of this rule, designed to interpret and convert individual output signals from pollutant concentration monitors, flow monitors, diluent gas monitors, and other component parts of the monitoring system to produce a continuous record of the measured parameters in the measurement units required by section 11 of this rule.