<h1>RBI Mandates ISO 20022 Standard for NG-RTGS System by March 2013, Urges Banks to Upgrade and Attend Workshops.</h1> The Reserve Bank of India (RBI) announced the adoption of the ISO 20022 messaging standard for the Next Generation Real-Time Gross Settlement (NG-RTGS) system. A working group, including members from select banks and financial institutions, validated the message formats as compliant with ISO 20022 standards. The RBI has set a deadline of March 31, 2013, for all RTGS participants to upgrade their systems to handle these formats. Additionally, the RBI will conduct awareness and training workshops to facilitate this transition. Participants are required to confirm their readiness and initiate necessary actions within seven days of receiving the communication.