government link cells / dealing branches in the second phase thereafter. the committee desired that efforts should be made to inter - connect the computerized branches dealing in government accounts with link offices / branches, and the public accounts departments of the bank and also central accounts section, nagpur where it is ultimately accounted for in the books of accounts. on government side, the committee suggested that all paos / circle offices of government should be computerized by march 31, 2001 and the drawing offices / treasury offices well before march 31, 2002 in alignment with computerization of focal point and dealing branches. a standing committee comprising members from rbi, government and agency banks is monitoring the computerization of government transactions. there have been some delays in adhering to the time schedule mentioned. rbi has been urging the agency banks to capture 80 per cent of government business by june 2002. payment systems reforms payment and settlement systems constitute the backbone of any economy and the existence of competent payment and settlement systems have a positive impact on the efficient functioning of the various sectors of the economy. central banks in the world are according great importance to well established payment and settlement systems. the reserve bank, too, has taken up as its mission, the establishment of a robust, safe, secure and efficient payment and settlement system for the country as part of its initiatives aimed at financial sector reforms in this area. constituted in 1999, the national payments council is the apex level body, which provides general policy directions and guidelines for reforms in the payment and settlement systems of the country. initiatives aimed at improvements in the payments and settlement systems are centered on the threepronged strategies of consolidation, development and integration of the various components of the payment and settlement systems. consolidation takes its base from existing activities such as computerised clearing, etc. development envisages opening of new clearing houses, introduction of systems such as the centralised funds management system and real time gross settlement ( rtgs ) and integration of all these initiatives both within the reserve bank and for the banking sector as a whole would result in the culmination of the reform process. non - paper based payment systems, such as electronic funds transfers ( eft ) and electronic clearing services ( debit and credit clearing ), have been accepted widely for use within the country. the proposed introduction of the real time gross settlement ( rtgs ) system would ensure settlement of funds in real time and in an electronic manner. all these would have positive impact for the government sector too, which could exploit the benefits of ecs

/ investment in real estate by nbfcs registered with reserve bank cover the following : i. deposit taking nbfcs are not permitted to invest in land or building, except for its own use, beyond an amount exceeding ten per cent of its owned fund. ii. since september 2011, deposit taking and non - deposit taking nbfcs with asset size of ₹ 100 crores and above are required to furnish data on their exposure to real estate. iii. while granting finance to housing / development projects, nbfcs also should stipulate as a part of the terms and conditions that the builder / developer / owner / company would disclose in the pamphlets / brochures / advertisements, etc., the name ( s ) of the entity to which the property is mortgaged and that they would provide no objection certificate ( noc ) / permission of the mortgagee entity for sale of flats / property, if required. bis central bankers ’ speeches iv. the risk weight currently applicable to real estate exposures is 100 per cent. for loans guaranteed by credit risk guarantee fund trust for low income housing ( crgftlih ), nbfc - mfis may assign zero risk weight for the guaranteed portion. v. every non - deposit taking nbfc with asset size of ₹ 100 crores and above shall disclose its exposure to real estate, both direct and indirect. vi. mere extension of date of commencement of commercial operation ( dcco ) in the case of cre projects would not be considered as restructuring, if the revised dcco falls within the period of one year from the original dcco and there is no change in other terms and conditions. vii. further, the general instructions with regard to prudential norms including exposure norms are also applicable to nbfcs ’ exposure to real estate. nbfcs – real estate exposure 25. as on march 31, 2014, the real estate exposure of nbfcs registered with the bank at around 4. 1 per cent of the total assets of the sector is not significant as may be observed from the table below. further, only few nbfcs are reported to have relatively high exposure to real estate. the number of such nbfcs having exposure of more than 40 per cent of their assets was around 14. as compared to previous years, the exposure shows a rising trend, though. bis central bankers ’ speeches mortgage guarantee companies ( mgc ) 26. a mention may also be made here with regard to mortgage guarantee