Rediff On The Net, Infotech: 'Finance sector set to be wired'


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May 27, 1997

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'Finance sector set to be wired'

With the expansion of VSAT systems network the electronic funds system will be introduced in each and every financial sector in a phased manner, Reserve Bank of India Governor Dr C Rangarajan said today.

This will facilitate safe clearing and a good delivery system, Dr Rangarajan said while inaugurating the second annual Stock Exchanges Summit organised in Bombay.

The summit is sponsored by the Bombay Stock Exchange and the National Stock Exchange. He said that with the introduction of computer driven order matching the mode of transaction has simplified.

The governor claimed that with the introduction of upgraded computer technologies at various stock exchanges all over the country, the volume of transactions have increased several folds. He stressed the need to set up more modernised clearing houses with good and effective risk management systems.

Group Executive Vice-President, International and Research, New York Stock Exchange, Georges Ugeux also spoke on the occasion.

UNI

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