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RTGS Fund Transfer Process Quiz

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Questions and Answers

What is the purpose of the 'RTGS Fund Transfer Form' mentioned in the process steps?

To verify the account balance of the sender before initiating the transfer

To request the customer for a deposit if required fund is not available

To ensure that the account holder has physically visited the branch and requested the fund transfer

To collect essential information and authorization from the account holder for the RTGS transaction (correct)

In the RTGS process, what does the 'Signature Verified Seal' serve as?

A way to ensure that the signature on the form matches the account holder's official signature (correct)

An indicator that funds have been successfully transferred to the receiving bank

An internal approval stamp from the designated Supervisor/Operations Manager/Head of Branch

A confirmation that the customer has sufficient balance for the RTGS transaction

What action does the Designated Official take if the required funds are not available in the customer's account for an RTGS transfer?

Initiate a call back confirmation to ensure the customer's consent for the transfer

Request the customer to deposit the necessary funds before proceeding with the transaction (correct)

Reject the transfer request and advise the customer to visit another branch

Send the form back to the account holder for corrections or additional information

What happens when a transaction is authorized by the Checker and the amount is above 10 lacs in the RTGS system?

It goes to the Administrator queue in the RTGS system Signup and view all the answers

What happens if a RTGS outward transaction is authorized by the Checker but funds are not available in the sender's account?

The transaction is shown as pending in the CBS queue Signup and view all the answers

What is the next step for the Designated Official of Treasury Back Office if a problem is found during the verification of an outward Credit in RTGS System?

Initiate due diligence and resolve the issue Signup and view all the answers

What should the Designated Official do if an account holder cannot provide the Routing Number for a fund transfer through RTGS?

Provide the Routing Number after verifying the Credit A/C's Information Signup and view all the answers

In case of any discrepancy found during the verification process by the Operations Manager/Designated Supervisor, what action is taken?

The application is returned to the Designated Official for rectification Signup and view all the answers

What does the Designated Operations Manager/Supervisor do if everything is in order during the fund transfer process through RTGS?

Provide approval with seal, sign, and date on the RTGS Form Signup and view all the answers

What should the Designated Official ensure before forwarding information to the Operations Manager?

Correct Beneficiaries Name, Account Number, Routing Number Signup and view all the answers