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With a view to upgrading the country's domestic payment systems through adoption of modern technology which requires a reliable communication and messaging backbone as a prerequisite, Reserve Bank of India/IDRBT has been in the process of introducing SFMS under the INFINET Network in the banking and financial sector. Getting attracted to the various features and utilities of the application, our Bank has been associated with IDRBT from the very beginning of its development.

In order to be a pioneer in implementing SFMS in the industry our Bank has so far taken various measures to build up the infrastructural set up for the application, such as, formation of Internal Group for SFMS, identification of branches and administrative sites in the Pilot Phase, allotment of Inilian Financial System Code (IFSC) for all branches and offices, acquisition of the requisite Hardware, becoming the Registration Authority under IDRBT CA and that too the first in the nationalized sector, procurement of Smart Card, Readers and Digital Certificates and development of API for integrating SFMS with ISBS Branch Mechanization software etc.

Based on our above preparation, IDRBT has selected our Bank as one of the Pilot Banks for launching of the revised module of the application in improved architecture. Accordingly, the SFMS Application has been installed at Bank's Payment Gateway at Mumbai followed by installation of SFMS Offline Branch Servers at Treasury, Nariman Point, Church gate Reclamation, Head Office- DIT and Head Office -MIS. Two more branches at Kolkata (IBB and IFB) are ready for installation.

The Bank has planned to provide tele-banking facility to its valued clients in some select branches to start with, which will be gradually extended to more number of branches. Besides facilitating balance enquiry, customers will be able to requisition Statement of Account by fax as well as place requests for issuance of cheque books. Enquiries on latest Interest Rates on deposits as also last five transactions in the account can also be made. Instructions to stop payment too can be given by the customer through this facility of tele-banking.