RTGS Facility, Used for Large Value Transactions, to Become Operational 24X7 From December 14, Says RBI Governor Shaktikanta Das
The decision by the RBI is believed to be a business friendly move which would make the payment ecosystem more efficient. The RTGS system is usually used for large value transactions.
New Delhi, December 13: The transfer of funds through Real-Time Gross Settlement (RTGS) facility will be made operational 24X7 from Monday, i.e. December 14. Reserve Bank of India (RBI) Governor Shaktikanta Das today announced that the RTGS system will be operational round the clock from 12:30 am tonight. The decision by the RBI is believed to be a business friendly move which would make the payment ecosystem more efficient. The RTGS system is usually used for large value transactions. RTGS to Become Operational 24x7 From December 14, Know All About The System.
RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh. At present, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. In December 2019, the RBI had made the National Electronic Funds Transfer (NEFT) system available on a 24x7x365 basis. RTGS Money Transfer FAQs: From 'What Are the RTGS Charges And Timings' to 'What is the Maximum Amount for RTGS', Here Are Some Frequently Asked Questions Answered.
From July 2019, the RBI stopped levying charges on transactions through NEFT and RTGS, with an aim to promote digital transactions in the country. Earlier this month, Das had said that RTGS system would be made available 24x7 soon. He had said that with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier.
(The above story first appeared on LatestLY on Dec 13, 2020 12:38 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).