Immediate Payment
Service (IMPS) is a payment service
introduced by National Payments Corporation of India (NPCI).
The service is launched as an instant mobile remittance solution in November,
2010 has today evolved as a multi-channel, multi-dimensional remittance
platform. The IMPS platform today is capable of processing P2P (Person to
Person), P2A (Person to Account) and P2M (Person to Merchant) remittance
and transactions can be initiated from Mobile, Internet
as well as ATM channel. In addition to banking customers, non-banking
customers can also avail the IMPS facility through Reserve
Bank of India (RBI) approved PPIs.
Benefits
of IMPS
- Instant
- Available 24 X 7
- Available on holidays also
- Safe and Secure
- Available on Mobile /Internet/ ATM Services
IMPS: Services Offered
- Utility
Bills
- Mobile Top
up & DTH Recharge
- Credit Card
Bills
- Grocery
Bills
- Travel
& Ticketing
- Online Shopping
- Educational
institutes (schools/Colleges) fees payment
Statutory
liquidity ratio refers amount that the commercial banks require to maintain in the form of gold
or govt. approved securities before providing credit to the customers.
Statutory Liquidity Ratio is determined and maintained by the Reserve Bank of
India in order to control the expansion of bank credit. It is determined as
percentage of total demand and time liabilities. Time Liabilities refer to the
liabilities, which the commercial banks are liable to pay to the customers
after a certain period mutually agreed upon and demand liabilities are such
deposits of the customers which are payable on demand. example of time
liability is a fixed deposits for 6 months, which is not payable on demand but
after six months. example of demand liability is deposit maintained in saving
account or current account, which are payable on demand through a withdrawal
form of a cheque. It regulates the credit growth in India
The
maximum limit of SLR is 40% and minimum limit of SLR is 23% in India. At
present, the minimum limit of SLO that can be set by the Reserve Bank is 23%
AS ON September 2013. The main objectives for maintaining the SLR ratio are
the following:
·
to control the expansion of bank
credit. By changing the level of SLR, the Reserve Bank of India can increase or
decrease bank credit expansion.
. to ensure the solvency of commercial banks.
. to compel the commercial banks to invest in
government securities like government bonds.
If any Indian bank fails to
maintain the required level of Statutory Liquidity Ratio, then it becomes
liable to pay penalty to Reserve Bank of India. The defaulter bank pays penal
interest at the rate of 3% per annum above the Bank Rate, on the shortfall
amount for that particular day. But, according to the Circular, released by the
Department of Banking Operations and Development, Reserve Bank of India; if the
defaulter bank continues to default on the next working day, then the rate of
penal interest can be increased to 5% per annum above the Bank Rate. The RBI
can increase the SLR to contain inflation, suck liquidity in the market, to
tighten the measure to safeguard the customer's money.
Capital Adequacy Ratio (CAR),
also known as Capital to Risk (Weighted) Assets Ratio (CRAR), is
a ratio of a bank's capital
to its risk. National
regulators track a bank's CAR to ensure that it can absorb a reasonable
amount of loss and complies with statutory Capital requirements.
Capital adequacy ratio is the
ratio which determines the bank's capacity to meet the time liabilities and
other risks such as credit risk, operational risk etc. Banking
regulators in most countries define and monitor CAR to protect
depositors, thereby maintaining confidence in the banking system.
Q1. What is RTGS System ?
Ans. The
acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as
the continuous (real-time) settlement of funds transfers individually on an
order by order basis. 'Real Time' means the processing of instructions at the
time they are received rather than at some later time. 'Gross Settlement' means
the settlement of funds transfer instructions occurs individually (on an
instruction by instruction basis
Q2. How RTGS is different from
National Electronics Funds Transfer System (NEFT) ?
Ans. NEFT
is an electronic fund transfer system that operates on a Deferred Net
Settlement (DNS) basis which settles transactions in batches. In DNS, the
settlement takes place with all transactions received till the particular
cut-off time. These transactions are netted (payable and receivables) in NEFT
whereas in RTGS the transactions are settled individually. For example,
currently, NEFT operates in hourly batches. [There are twelve settlements from
8 am to 7 pm on week days and six settlements from 8 am to 1 pm on Saturdays.]
Any transaction initiated after a designated settlement time would have to wait
till the next designated settlement time. Contrary to this, in the RTGS,
transactions are processed continuously throughout the RTGS business hours.
Q3. Is there any minimum / maximum
amount stipulation for RTGS transactions ?
Ans. The
RTGS system is primarily meant for large value transactions. The minimum amount
to be remitted through RTGS is 2 lakhs. There is no upper ceiling for RTGS
transactions.
Q4. What is the time taken for
effecting funds transfer from one account to another under RTGS ?
Ans. Under
normal circumstances, the beneficiary branches are expected to receive the
funds in real time as soon as funds are transferred by the remitting bank. The
beneficiary bank has to credit the beneficiary's account within two hours of
receiving the funds transfer message.
Q5. Would the remitting customer
receive an acknowledgement of money credited to the beneficiary's account ?
Ans. The
remitting bank receives a message from the Reserve Bank that money has been
credited to the receiving bank. Based on this the remitting bank can advise the
remitting customer through SMS that money has been credited to the receiving
bank.
Q6. Would the remitting customer get
back the money if it is not credited to the beneficiary's account? When ?
Ans. Yes.
Funds, received by a RTGS member for the credit to a beneficiary customer's
account, will be returned to the originating RTGS member within two hours of
the receipt of the payment at the PI of the recipient bank or before the end of
the RTGS Business day, whichever is earlier. Once the money is received back by
the remitting bank, the original debit entry in the customer's account is
reversed.
Q7. Till what time RTGS service
window is available ?
Ans. The
RTGS service window for customer's transactions is available to banks from 9.00
hours to 16.30 hours on week days and from 9.00 hours to 14:00 hours on
Saturdays. However, the timings that the banks follow may vary depending on the
customer timings of the bank branches.
Q8. What about Processing Charges /
Service Charges for RTGS transactions ?
Ans. With
a view to rationalize, the service charges levied by banks for offering funds
transfer through RTGS system has been mandated as under:
a) Inward
transactions - Free, no charge to be levied.
b) Outward
transactions - 2 lakhs to 5 lakhs - not exceeding 30 per transaction.
Above 5 lakhs - not exceeding 55 per
transaction.
Q9. What is the essential
information that the remitting customer would have to furnish to a bank for the
remittance to be effected ?
Ans. The
remitting customer has to furnish the following information to a bank for
initiating a RTGS remittance:
- Amount to be remitted
- Remitting customer's account
number which is to be debited
- Name of the beneficiary bank
and branch
- Name of the beneficiary
customer
- Account number of the
beneficiary customer
- Sender to receiver information,
if any
- The IFSC Number of the
receiving branch
Q10. How would one know the IFSC
code of the receiving branch ?
Ans. The
beneficiary customer can obtain the IFSC code from his bank branch. The IFSC
code is also available on the cheque leaf. This code number and bank branch
details can be communicated by the beneficiary to the remitting customer.
Q11. Is there any way that a
remitting customer can track the remittance transaction ?
Ans. Some
banks with internet banking facility provide this service. Once the funds are
credited to the account of the beneficiary bank, the remitting customer gets a
confirmation from his bank either by an e-mail or SMS. Customer may also
contact RTGS / NEFT Customer Facilitation Centres of the banks, for tracking a
transaction.
Q12. How can a remitting customer
know whether the bank branch of the beneficiary accepts remittance through RTGS
?
Ans. For a
fund transfer to go through RTGS, both the sending bank branch and the
receiving bank branch would have to be RTGS enabled.
Q.1. What is NEFT ?
Ans:
National Electronic Funds Transfer (NEFT) is a nation-wide payment system
facilitating one-to-one funds transfer. Under this Scheme, individuals, firms
and corporate can electronically transfer funds from any bank branch to any
individual, firm or corporate having an account with any other bank branch in
the country participating in the Scheme.
Q.2. Who can transfer funds using
NEFT ?
Ans.
Individuals, firms or corporate maintaining accounts with a bank branch can
transfer funds using NEFT. Even such individuals who do not have a bank account
(walk-in customers) can also deposit cash at the NEFT enabled branches with
instructions to transfer funds using NEFT. However, such cash remittances will
be restricted to a maximum of Rs.50,000/- per transaction. Such customers have
to furnish full details including complete address, telephone number, etc.
Q.3. Who can receive funds through
the NEFT system ?
Ans:
Individuals, firms or corporates maintaining accounts with a bank branch can
receive funds through the NEFT system. It is, therefore, necessary for the
beneficiary to have an account with the NEFT enabled destination bank branch in
the country. The NEFT system also facilitates one-way cross-border transfer of
funds from India to Nepal. This is known as the Indo-Nepal Remittance Facility
Scheme.
Q.4. Is there any limit on the
amount that could be transferred using NEFT ?
Ans. No, there
is no limit - either minimum or maximum - on the amount of funds that could be
transferred using NEFT. However, maximum amount per transaction is limited to
Rs.50,000/- for cash-based remittances and remittances to Nepal.
Q.5. How does the NEFT system
operate ?
Step-1 :
An individual / firm / corporate intending to originate transfer of funds
through NEFT has to fill an application form providing details of the
beneficiary (like name of the beneficiary, name of the bank branch where the
beneficiary has an account, IFSC of the beneficiary bank branch, account type
and account number) and the amount to be remitted. Walk-in customers will,
however, have to give their contact details (complete address and telephone
number, etc.) to the branch.
Step-2 :
The originating bank branch prepares a message and sends the message to its
pooling centre (also called the NEFT Service Centre).
Step-3 :
The pooling centre forwards the message to the NEFT Clearing Centre (operated
by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for
the next available batch.
Step-4 :
The Clearing Centre sorts the funds transfer transactions destination bank-wise
and prepares accounting entries to receive funds from the originating banks
(debit) and give the funds to the destination banks. Thereafter, bank-wise
remittance messages are forwarded to the destination banks through their
pooling centre (NEFT Service Centre).
Step-5 :
The destination banks receive the inward remittance messages from the Clearing
Centre and pass on the credit to the beneficiary customers' accounts.
Q.6. What is IFSC ?
Ans. IFSC
or Indian Financial System Code is an alpha-numeric code that uniquely
identifies a bank-branch participating in the NEFT system. This is an 11 digit
code with the first 4 alpha characters representing the bank, and the last 6
characters representing the branch. The 5th character is 0 (zero). IFSC is used
by the NEFT system to identify the originating / destination banks / branches
and also to route the messages appropriately to the concerned banks / branches.
Q.7.
What are the processing or service charges for NEFT transactions ?
Ans.
The structure of charges that can be levied on the customer for NEFT is given
below:
a)
Inward transactions at destination bank branches (for credit to beneficiary
accounts)
- Free, no charges to be levied
from beneficiaries
b) Outward transactions at
originating bank branches - charges applicable for the remitter
- For
transactions up to Rs 10,000 : not exceeding Rs 2.50 (+ Service Tax)
-
For transactions above Rs 10,000 up to Rs 1 lakhs: not exceeding Rs 5 (+
Service Tax)
- For
transactions above Rs 1 lakhs and up to Rs 2 lakhs: not exceeding Rs 15 (+
Service Tax)
- For
transactions above Rs 2 lakhs: not exceeding Rs 25 (+ Service Tax)
c) Charges
applicable for transferring funds from India to Nepal using the NEFT system is
available on the website of RBI. With effect from 1st July 2011, originating
banks are required to pay a nominal charge of 25 paise each per transaction to
the clearing house as well as destination bank as service charge. However,
these charges cannot be passed on to the customers by the banks.
Q.8. When can the beneficiary expect
to get the credit to his bank account ?
Ans. The
beneficiary can expect to get credit for the first ten batches on week days
(i.e., transactions from 8 am to 5 pm) and the first five batches on Saturdays
(i.e., transactions from 8 am to 12 noon) on the same day. For transactions
settled in the last two batches on week days (i.e., transactions settled in the
6 and 7 pm batches) and the last batch on Saturdays (i.e., transactions handled
in the 1 pm batch) beneficiaries can expect to get credit either on the same
day or on the next working day morning.
Q.9. Who should be contacted in case of non-credit or delay
in credit to the beneficiary account ?
Ans. In
case of non-credit or delay in credit to the beneficiary account, the NEFT
Customer Facilitation Centre (CFC) of the respective bank can be contacted.
Details of NEFT Customer Facilitation Centers of banks are available on the
websites of the respective banks. The details are also available on the website
of Reserve Bank of India.
Q.10. What will happen if credit is
not afforded to the account of the beneficiary ?
Ans. If it
is not possible to afford credit to the account of the beneficiary for whatever
reason, destination banks are required to return the transaction (to the
originating branch) within two hours of completion of the batch in which the
transaction was processed.
Q.11. Can NEFT be used to transfer
funds from / to NRE and NRO accounts ?
Ans. Yes.
NEFT can be used to transfer funds from or to NRE and NRO accounts in the
country. This, however, is subject to the adherence of the provisions of the
Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.
Q.12. Can remittances be sent abroad
using NEFT ?
Ans. No.
However, a facility is available to send outward remittances to Nepal under the
Indo-Nepal Remittance Facility Scheme.
Q.13. What are the benefits of
using NEFT ?
Ans: NEFT
offers many advantages over the other modes of funds transfer:
- The remitter need not send the
physical cheque or Demand Draft to the beneficiary.
- The beneficiary need not visit
his / her bank for depositing the paper instruments.
- The beneficiary need not be
apprehensive of loss / theft of physical instruments or the likelihood of fraudulent encashment
thereof.
- Cost effective.
- Credit confirmation of the
remittances sent by SMS or email.
- Remitter can initiate the remittances
from his home / place of work using the internet banking also.
- Near real time transfer of the
funds to the beneficiary account in a secure manner.
Cheque
Truncation System (CTS)
or Image-based Clearing System (ICS)
is used for faster clearing of cheques. CTS is basically an online image-based
cheque clearing system where cheque images and Magnetic
Ink Character Recognition (MICR) data are captured at the collecting bank branch and
transmitted electronically.
Truncation
means, stopping the flow of the physical cheques issued by a drawer to the
drawee branch. An electronic image of the cheque is sent to the drawee branch
along with the relevant information like the MICR fields, date of presentation,
presenting banks etc.
Cheque truncation eliminates the need to move the
physical instruments across branches, except in exceptional circumstances. This
results in effective reduction in the time required for payment of cheques, the
associated cost of transit and delays in processing, etc., thus speeding up the
process of collection or realization of cheques.
Adoption Challenges
Integration
with existing large banking systems - Legacy systems are a major IT and operational investment for banks. Most
Banks have already invested on legacy systems and therefore it becomes vital
that the new system has the capability to integrate seamlessly with the
existing systems.
Expected Benefits
Banks can
expect multiple benefits through the implementation of CTS, like faster
clearing cycle means realization of proceeds of cheque possible within the same
day. It offers better reconciliation/verification process, better customer
service and enhanced customer window. Operational efficiency will provide a
direct boost to bottom lines of banks as clearing of local cheques is a high
cost low revenue activity. Besides, it reduces operational risk by securing the
transmission route. Centralized image archival system ensures data storage and
retrieval is easy. Reduction of manual tasks leads to reduction of errors. Customer
satisfaction
will be enhanced, due to the reduced turnaround time (TAT). Real-time tracking
and visibility of the cheques, less fraudulent cases with secured transfer of
images to the RBI are other possible benefits that banks may derive from this
solution.
Status of Implementation
The
Reserve Bank of India first implemented CTS in National
Capital Region, New Delhi from 27 December 2007 with 10 pilot banks and the dead line
was set as 30 April 2008 for all the banks. This was followed by launch of CTS
in Chennai on 24 September 2011. After migration from MICR to CTS the traditional MICR based cheque processing was
discontinued in NCR and Chennai.
The bank insurance model (BIM), also sometimes known as bancassurance,
is the partnership or relationship between a bank and an insurance company
whereby the insurance company uses the bank sales channel in order to sell
insurance products, an arrangement in which a bank and an insurance company
form a partnership so that the insurance company can sell its products to the
bank's client base.
Bank staff
and tellers, rather than an insurance salesperson, become the point of sale and
point of contact for the customer. Bank staff are advised and supported by the
insurance company through product information, marketing campaigns and sales
training.
The bank
and the insurance company share the commission. Insurance policies are
processed and administered by the insurance company.
This
partnership arrangement can be profitable for both companies. Banks can earn
additional revenue by selling the insurance products, while insurance companies
are able to expand their customer base without having to expand their sales
forces or pay commissions to insurance agents or brokers.
The Federation of Indian
Chambers of Commerce and Industry (FICCI) is an association of
business organizations in India. Established in 1927, it is the largest, oldest and the
apex business organization in India. It is a non-government, not-for-profit organization.
FICCI draws its membership from the corporate sector, both private and public,
including SMEs and MNCs. The chamber has an indirect membership of over
2,50,000 companies from various regional chambers of commerce. It is involved
in sector specific business policy consensus building, and business promotion
and networking. It is headquartered in the national capital New Delhi and has presence in 11 states in India and 8 countries across the world
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to
sections of disadvantaged and low-income segments of society.
A Non-performing asset
(NPA) is defined as a credit facility in respect of which the interest
and/or installment of principal has remained 'past due' for a
specified period of time.
Identification
NPA is a
classification used by financial
institutions
that refer to loans that are in jeopardy of default. Once the borrower has failed to
make interest or principle payments for 90 days the loan is considered to be a
non-performing asset. Accordingly, with effect from March 31, 2004, a
non-performing asset (NPA) shall be a loan or an advance where;
- Interest and/or installment of
principal remain overdue for a period of more than 90 days in respect of a
term loan,
- The account remains 'out of
order' for a period of more than 90 days, in respect of an Overdraft/Cash Credit,
- The bill remains overdue for a
period of more than 90 days in the case of bills purchased and discounted,
- Interest and/or installment of
principal remains overdue for two harvest seasons but for a period not
exceeding two half years in the case of an advance granted for
agricultural purposes, and
- Any amount to be received
remains overdue for a period of more than 90 days in respect of other
accounts.
How It Works/Example:
On a bank's balance sheet, loans made to customers are listed as
assets. The biggest risk to a bank is when customers who take out loans stop
making their payments, causing the value of the loan assets to decline.
Loans don't go bad right away.
Most loans allow customers a certain grace period. Then they are marked
overdue. After a certain number of days, the loan is classified as a nonperforming loan.
After a certain amount of time,
a bank will try to recoup its money by foreclosing on the property
that secures the loan. Once the bank legally owns the property, it is
classified as real estate owned (REO) on the bank's
balance sheet.
Corporate social
responsibility (CSR, also
called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/ Responsible
Business) is a form of corporate self-regulation
integrated into a business model. CSR policy functions as a built-in,
self-regulating mechanism whereby a business monitors and ensures its active
compliance with the spirit of the law, ethical standards, and international norms. CSR is a process with the aim to embrace
responsibility for the company's actions and encourage a positive impact
through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public
sphere who may also be considered as stakeholders
A Kisan Credit Card
is a credit card to provide affordable credit for farmers in India. It was
started by the Government of India, Reserve Bank of India (RBI), and National
Bank for Agricultural and Rural Development (NABARD) in 1998-99 to help
farmers access timely and adequate credit.
The Kisan Credit Card allows
farmers to have cash credit facilities without going through time-consuming bank
credit screening processes repeatedly. Repayment can be rescheduled if there is
a bad crop season, and extensions are offered for up to four years. The card is
valid for three years and subject to annual renewals. Withdrawals are made
using slips, cards, and a passbook.
Details
Maximum limit: Rs. 50000/- for
Rabi Crops. Rs. 50000/- for Kharif Crops.
Eligibility: Individual/society.
Repayment period: Kharif 31
January, Rabi 31 July.
Collateral Security Charge on
land in case loan is above Rs. 10000/- and two sureties if loan is below Rs.
10000/-.
Know your customer (KYC)
refers to due diligence activities that financial institutions and other regulated companies
must perform to ascertain relevant information from their clients for the
purpose of doing business with them. Banks, insurers and export
credit agencies are increasingly demanding that customers provide detailed
anti-corruption due
diligence information, to verify their probity and integrity.
Standards
The
objective of KYC guidelines is to prevent banks from being used, by criminal
elements for money laundering activities. This helps them manage their risks
prudently. Banks usually frame their KYC policies incorporating the following
four key elements:
- Customer Acceptance Policy
- Customer Identification
Procedures
- Monitoring of Transactions
- Risk management
ASBA (Applications Supported by
Blocked Amount) is a process developed by the India's Stock Market
Regulator SEBI for
applying to IPO. In ASBA, an IPO applicant's account
doesn't get debited until shares are allotted to them.
ASBA process facilitates retail
individual investors bidding at a cut-off, with a single option, to apply
through Self Certified Syndicate Banks (SCSBs), in which the investors have bank accounts. SCSBs
are those banks which satisfy the conditions laid by SEBI.
ASBA is stipulated by SEBI, and
available from most of the banks operating in India. This allows the investors
money to remain with the bank till the shares are allotted after the IPO. Only
then does the money transfer out of the investors account to the company. This
eliminates the need for refunds on shares not being allotted. As on 3 December
2012, 52 Banks are acting as SCSBs.
No Frills Account - If a company makes its service/product cheaper
by removing the extra features that is no frill.
Eg. Mobile phone postpaid
package without unlimited ringtones or free night talk.
Dish TV package without 100 sports channels.
No frill account is a type of
bank account, with low/zero balance requirement with extra-features removed.
RBI came up with this No-frill
concept, because poor people cannot open regular bank account having
requirements like Rs.5000/- minimum balance etc. So, there are no frill
accounts for them so that poor people can open bank accounts and take loans.
What
is credit-deposit ratio?
It is the
ratio of how much a bank lends out of the deposits it has mobilized. It
indicates how much of a bank's core funds are being used for lending, the main
banking activity. A higher ratio indicates more reliance on deposits for
lending and vice-versa .
Is there
an ideal level for this ratio?
A very low
ratio indicates banks are not making full use of their resources. And if the
ratio is above a certain level, it indicates a pressure on resources.
What
is the current scenario?
At
present, the credit-deposit ratio for the banking sector as a whole is 75 per
cent. In the case of Indian banks, a credit-deposit ratio of over 70 per cent
indicates pressure on resources as they have to set aside funds to maintain a
cash reserve ratio of 4 per cent and a statutory liquidity ratio of 23 per cent.
Why
is it considered a key parameter?
The ratio
gives the first indication of the health of a bank. A very high ratio is
considered alarming because, in addition to indicating pressure on resources,
it may also hint at capital adequacy issues, forcing banks to raise more
capital.
What
is the marginal standing facility?
The RBI
introduced the marginal standing facility (MSF), under which banks could borrow
funds from RBI at 8.75%, which is 1% above the liquidity adjustment
facility-repo rate against pledging government securities.
Current Account is the sum of the balance of trade
(exports minus imports of goods and services), net factor income (such as
interest and dividends) and net transfer payments (such as foreign aid).
Bitcoin
is an open source, peer-to-peer
payment
network and digital currency
introduced in 2009. Bitcoin has been called a crypto currency
because it uses public-key
cryptography for security. Users send payments
by broadcasting digitally
signed messages that transfer ownership of bit coins, the
unit of currency. A decentralized
network of specialized computers verifies and timestamps
all transactions using a proof-of-work system. The operators of these computers, known as "miners",
are rewarded with transaction fees and newly minted bit coins.
Cut
motion is a veto power given to the members of the Lok
Sabha to oppose a demand in the financial bill discussed by the government.
This can turn into an effective tool to test the strength of the government. If
a cut motion is adopted by the House and the government does not have the
numbers, it is obliged to resign.
Money laundering
is the process of concealing sources of money. Money evidently gained through
crime is "dirty" money, and money that has been "laundered"
to appear as if it came from a legitimate source is "clean" money.
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RTGS Vs NEFT
In the case of RTGS, settlement is on 'Real Time' basis whereas in case
of NEFT, the settlement in on batch basis and net basis.
What
are the operating hours of RTGS ?
RBI has prescribed the following operating hours for RTGS : The RTGS service window for
customer's transactions is available from 9.00 hours to 16.30 hours on week
days and from 9.00 hours to 13.30 hours on Saturdays for settlement at the RBI
end.
Normally, banks close their own window for accepting the transactions,
about 15 minutes before the above time as to allow them to put the transaction
in the system so that it reaches by the upper time limit at the RBI window.