F.NO.CB-25-53/2020-FS Financial Services Division Dated: 12.12.2022.
Sub: Standard Accounting Procedure (SAP) for India Post RTGS transactions for POSB Customers.
Download Post Office RTGS SAP in PDF
Kindly refer to SB Order No. 8/2022 dated 17.05.2022 followed by the clarification dated 18.05.2022 issued on above mentioned subject.
2. In this context, kindly find enclosed a Standard Operating Procedure for end users and Standard Accounting Procedure for RTGS transactions. It is requested to circulate the same to all concerned for further necessary action at their end. This issues with the approval of DDG (FS).
STANDARD ACCOUNTING PROCEDURE (SAP) for Post Office RTGS:
1. INTRODUCTION Department of Posts is providing NEFT / RTGS facility to the POSB Customers, which is available 24 x 7 x 365 days. This facility enables POSB customers to transfer funds to and from Other Bank Accounts to POSB Accounts in DoP-CBS. IPPB provides banking solution for this new provision. Settlement account with IPPB and Current Account in the name of GM(F), Delhi at SBI Branch, Parliament St, New Delhi shall be opened to transact the business and settlement purpose.
A. Summary The Summary of accounting procedure is mentioned below
A) Funding to IPPB for supporting NEFT/RTGS and receivables from IPPB
B) RTGS Transaction Process
C) Accounting of Charges payable to IPPB and interchange fee payable/receivable to/from IPPB towards RTGS transactions.
D) EoD Mismatch Amount
E) Handling of Operational Risks For accounting the above activities, the details of GLs to be created in CSI and its mapping with Finacle Office Account and Heads of Accounts are furnished below
