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Personal Banking
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Real Time Gross Settlement is an Inter-bank Large Value Transfer (RTGS) System that facilitates the safe and efficient transfer of large value payments between participants/banks. Bank of Uganda has introduced a mandatory maximum cheque limit of ugx 20 million for all cheques, which becomes effective from 2nd July 2007.
Why Real Time Gross Settlement (RTGS)?
• It is a fast and secure mode of transfer of funds (less than 10 minutes) • It is a better method of monitoring financial transactions by involved parties • It reduces the risk of frauds and forgeries that exist in other payment systems like cheques. • It reduces the need of bulk movement of cash as physical cash is not involved. • It enhances the safety and efficiency of payments • It is a tool that will be used by Government to stabilise the economy through improved monetary policies
How does it Operate?
• Transactions are sent on instruction by a client from one bank to another within less than 10 minutes. All that is ...required is for the customer to fill in a form requesting the transfer of funds from one account in our bank to another ...preferred account in another bank. • On confirmation of identity and signature verification, the transaction will be ready for processing to the customer’s ...preferred destination account. • The customer is notified within 10 minutes whether funds have been transferred or not.
The following transactions can be carried out through Real Time Gross Settlement (RTGS):
• Payments by customers to other customers, to other banks, to other corporate bodies in different financial institutions. • Interbank payments arising out of market activities such as lending and borrowing between banks • Payments to settle clearing obligations • Deposits and withdrawals of cash with Bank of Uganda. |
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Commercial Banking
Complementary Services |
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All Rights Reserved. BANK OF AFRICA - UGANDA Ltd |
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