Why isnt there a central bank clearning house for money?

Question

transfers from the Gulf, to any bank in India, any branch?

Why only some of the banks have tie ups with some of the banks? Why doesnt India have a central clearing account like cheque clearing? It receives and disburses the money to the appropriate bank appropriate branch in India if sent by anybody in Gulf to India?

Federal Reserve is US based. I meant something like Central bank of india to act as intermediary to receive all payments intended for any bank account in India then disburse them appropriately. Currently to send money to a canara bank account in India you need to approach different exchange, same for State Bank - you cannot use the Canara bank exchange to send to State Bank - people scratching the benches of Indian Parliament wasting 100 crores per session do the needful. fast.

Answer 1

There is, it is called the Federal Reserve Bank.