RTGS will be available 24 hours seven days from December 14, RBI announcement
The real-time gross settlement system (RTGS) of the banks will now be available 24 hours a day. The facility will start from 14 December. The Reserve Bank of India (RBI) gave this information on Wednesday. This will now make it easier for customers to send money. Right now the system works from 7 am to 6 pm on all working days of the week except on the second and fourth Saturday of every month.
India joins a few countries: After this facility provided by RBI, India has now joined a few countries where RTGS Round the Clock is available 24 hours a day. Earlier, the Reserve Bank of India had given the facility to make National Electronic Funds Transfer (NEFT) available 24 hours seven days in the same year.
The announcement was made in the monetary policy: Explain that in its monetary policy meeting, the Reserve Bank of India had said that soon it will make 24 hours available to RTGS. It will also work on holiday days. After this, it has been decided to start this facility. This facility will become available after 12.30 on the night of 13 December. That is, it will be launched at this time.
Started on 26 March 2006: RTGS was launched on 26 March 2006. After 14 years, it is being started as 24 hours seven days. Currently, 6.35 lakh transactions are transacted by banks daily. Its value is 4.17 lakh crores. It consists of a total of 237 banks. Its average ticket size has been Rs 57.96 lakh in November. That is, Rs 57.96 lakh is sent through an RTGS.
The transaction will increase: With the facility available 24 hours a day, its transactions are expected to increase. Also, it will facilitate the customers that they can use it anytime. Through this, the businessmen will be effectively facilitated. This will also provide a new boom in the Indian financial market. This will also facilitate cross-border payment.
RTGS for more transactions: The RTGS system is used for high-value transactions. Governor Shaktikanta Das had said in the meeting that to increase digital payments in a secure manner, the limit of transactions that can be done without contact through UPI or card has been increased from two thousand rupees to five thousand rupees from January 1, 2021. In order to promote digital payments in the country, the Reserve Bank stopped taking charge on transactions made through NEFT and RTGS from July 2019.
NEFT for up to two lakhs: NEFT is used in transactions up to two lakh rupees. Transactions beyond that are done through RTGS. Transfer of less than 2 lakhs is not done through RTGS. Even more important is that no additional charge is required on transfer. The decision has been taken to develop India’s international financial centers and to provide online payment flexibility to large scale domestic, corporate institutions.
