Mumbai, October 9: RBI governor Shaktikanta Das at today's Monetary Policy said that the RTGS system of fund transfer will be available round-the-clock from December 2020. This will improve the ease of doing operations.  Last year, payment via (NEFT) became a 24x7 facility.

Under RTGS, the minimum transfer amount is Rs 2 lakh and the facility is available only during working hours of banks. IMPS is a real-time payment service available even on holidays with an upper limit on transactions of Rs 2 lakh, but no lower limit.  RBI Monetary Policy: GDP Growth May Turn Positive By Q4, Says Reserve Bank; Repo Rate, Reverse Repo Rate Unchanged.

What is RTGS?

Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a "gross" basis. Settlement in "real-time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed.

RBI kept the repo rate and the reverse repo rates unchanged today. RBI governor Shaktikanta Das further informed that the mood of the nation is upbeat and the focus will shift on revival. The RBI governor predicted that the GDP growth may turn positive by Q4. The economy of the nation has been severely impacted due to the coronavirus induced lockdown. The total coronavirus cases in India went past 69 lakh on Friday.

(The above story first appeared on LatestLY on Oct 09, 2020 10:59 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).