Mumbai, Oct 31: The Reserve Bank of India is likely to announce a phased plan to install a real-time gross settlement system for the entire financial sector by January as part of its policy review next week, bankers said on Tuesday. This system will allow banks to transfer funds and settle security deals throughout the day, instead of at the end of each trading day, as they do now.

"In the meetings that we have had with the RBI, there have been indications that they want to introduce the system in a phased manner from January," said a senior official at a private-sector bank.
"We could see a roadmap in the monetary policy."
The Reserve bank of India is also likely to liberalise the repo market, allowing trade in bonds used as collateral in repo deals and rolling over repo contracts, which will give investors greater flexibility in managing their portfolios, bankers said. Bureau Report