The evolution of Core Banking Technology in India has empowered and transformed customer of the branch to the customer of the bank providing him/her the convenience of anytime and anywhere banking in India. The present stage of core banking limits anywhere / anytime operations to within the bank.

The integration of core banking solutions of various banks will bring in operational efficiency, online fund settlement; reduce inter-bank clearing transactions; reduce time & effort involved in handling clearing transactions and their settlement thereby facilitating improved customer service & customer satisfaction; improved regulatory compliance; improved cash & fund management; standardization of processes across the banks and improved Management information system. One of the main utilities can be Electronic mode of payments using Smart Card and Point of Sale Terminals as a viable alternative to paper based Cash Transactions of small value (micro payments) that will reduce the circulation of cash.

The services provided under this MMP are:

·          Electronic Central Registry under Sarfaesi Act, 2002.

·          One India One Account - for Public Sector Banks

·          Electronic Mass Payment System