What are prospects for improvements of the banking system?
Some banks are already much faster than others on movement of funds. As of today, the National Securities Clearing Corporation has contracted with HDFC Bank as a clearing bank; HDFC Bank has Electronic Funds Transfer (EFT) and offers same-day confirmation of funds. Global Trust Bank also offers 30-minute confirmation of funds. Canara Bank (also a clearing bank with NSCC) is in the process of setting up EFT. The Reserve Bank of India has a major initiative to establish a nationwide infrastructure for electronic funds movement.
