Mumbai, Apr 15: The Real Time Gross Settlement (RGTS) service for fund transfers will not be available for 14 hours on April 18, the Reserve Bank of India (RBI) has said.

"As technical upgrade of RBI's #RTGS is scheduled after the close of business of April 17, 2021, #RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. #NEFT system will continue to be operational as usual during this period for #moneytransfers," the RBI tweeted on Thursday.

Under RTGS, there is continuous and real-time settlement of fund-transfers individually on a transaction-by-transaction basis without netting. It is a safe and secure system for funds transfer without any upper or maximum ceiling and is available on all days on 24x7x365 basis.

Last week, the central bank had proposed to expand RTGS and NEFT facilities to non-bank payment system firms in a phased manner. The objective of the move is to encourage participation of non-banks across payment systems.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)