Released on = December 10, 2006, 12:50 pm

Press Release Author = Banknet India

Industry = Financial

Press Release Summary = Banknet India\'s \"Third Conference on Payment Systems in
Banks\" to discuss electronic payment systems and products.

Press Release Body = Indian banking sector has made a quantum leap forward in terms
of switching over from paper-based transactions to electronic means, which include
Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT) and
other electronic modes.

The volume and value of card and electronic based payments have more than doubled in
2006 from the previous year. "If managed through a clear, consistent strategy,
electronic payment products can be a real source of competitive advantage and
profitability for banks", according to Anurag Khanna, CEO, Banknet India.

Mr Khanna advised that Banknet India\'s "Third Annual Conference on Payment Systems
in Banks" will bring together prominent speakers from Reserve Bank of India and
major banks on the 10th January 2007 at Mumbai to discuss on ACH, ECS, RTGS, NEFT,
Cheque Truncation.

Extension of electronic funds transfer (EFT) facility by the banks has changed the
money transfer scenario. After launch of RTGS system by RBI in March 2004, corporate
bodies and other bank customers have now the option to transfer funds to designated
branches instantaneously. The coverage of the RTGS system has increased
significantly. By October 23, 2006, RTGS connectivity was available in 24,425
branches. The number of transactions using the system has exceeded 300,000 per
month.

The lower value payments are to be settled through National Electronic Fund Transfer
(NEFT), which the RBI is currently popularising. NEFT system went live on November
1, 2005 and is now available at 9,096 branches.

The implementation of Cheque Truncation System (CTS) is another effort from RBI for
bringing in paper-less payment systems. The pilot project for cheque truncation
system is expected to be implemented in New Delhi by end-December, 2006.

Banknet India's Conference on Payment Systems in Banks will also focus on various
payment channels like ATMs, Internet & Mobile Banking and Card Payments. Issues
related to Security, Remittances & Technology will also be deliberated at the
conference.

For more details please visit: www.banknetindia.com

ABOUT BANKNET INDIA: Banknet India is focused on banking knowledge and research.
Banknet India is one of the largest organizers of Banking Industry Conferences from
India. Conferences organized by Banknet India are premier banking technology events
with topical and relevant agenda with senior level participation from the banking,
finance & technology industry.

Banknet India's Online Banking and Technology portal www.banknetindia.com is ranked
among the top 25 banking sites and the top 20 banking technology sites in the world.


Web Site = http://www.banknetindia.com

Contact Details = Banknet India, 57, 2nd Floor, Gulmohar Cross Road No 9, Juhu
Scheme, Mumbai 400049, India

Email- conference@banknetindia.com
Website-http://www.banknetindia.com