Professional Documents
Culture Documents
29, 2013
Contents
1. Payment Systems Development in Bhutan 2. Electronic Funds Transfer and Clearing System (EFTCS) Project 3. Benefits of EFTCS 4. Bhutan Financial Switch (BFS)
1. National Electronic Clearing System (NECS Credit) 2. National Electronic Clearing System (NECS Debit) 3. National Electronic Funds Transfer System (NEFT)
Dividend Leave Travel Concession (LTC) Pension payments Bonus Income tax refund by government Refund of Initial Public Offer(IPO) for subscription of shares
Benefits of EFTCS
Following are some of the benefits of using the EFTCS by individuals (customers), user institutions and the banks: Inconveniences and delays associated with cash and other paper based transfer of funds such as cheques and drafts shall be avoided. Transfer of funds electronically from one branch of a bank to any branch of the other participating commercial banks in Bhutan shall be possible. Receipts/payments of funds shall be faster. Administrative cost associated with the conventional methods of payments will be reduced to a great extent. Reconciliation of accounts shall be immediate.
Safe and secured methods of Payments. Beneficiary need not visit the bank for depositing physical paper instruments. Facilitates making payment on designated date. Funds shall be realised at one time instead of receiving payments at different dates. Chances of loss of instrument and its fraudulent encashment is avoided. Better financial management. Promotes cashless banking. Promotes Financial Inclusion. Improve efficiency and provide better financial services to the general public.
No. of beneficiaries
10.00 20.00 30.00 40.00
E F T C S
Nu. in Millions
60.00
50.00
0.00
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
500
Value of transactions
Number of beneficiaries
June -10 July -10 August-10 September-10 October-10 November -10 December -10 January-11 February-11 March-11 April-11 May-11 June-11 July -11 August-11 September-11 October-11 November-11 December-11 January-12 February-12 March-12 April-12 May-12 June-12 July-12 August-12 September-12 October-12 November-12 December-13 January-13 February-13 March-13 April-13 May-13 June-13
A T M
Thousands
Nu. in Millions
50 100 150 200 250 0
90 80 70 60 50 40 30 20 10 December-11 December-11 January-12 February-12 February-12 March-12 April-12 April-12 May-12 June-12 June-12 July-12 August-12 August-12 September-12 October-12 November-12 November-12 December-12 January-13 January-13 February-13 March-13 March-13 April-13 May-13
Value of Transactions
Number of Transactions
N E F T
Nu. in Millions
No. of person
100 200 400 500 600 800 900
300
700
1000
1500
2000
2500
3000
3500
500
Dec-11
Jan-12
Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13
Number of Transactions
Value of Transactions
Feb-13
Mar-13 Apr-13 May-13 Jun-13
THANK YOU