Now, RTGS payment system to be available around the clock, says RBI

Topics RTGS | Banking | Online payments

With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system.
The RBI has decided to made real-time gross settlement (RTGS) system available round the clock on all days from December. This comes after the RBI made national electronic funds transfer (NEFT) system round the clock in December last.

 

RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh.

 

It is now available for customers from 7.00 am to 6.00 pm on all working days of a week, except the second and fourth Saturdays of a month.

 

“The facility will support India to become an integral part of global financial markets, and provide wider payment elasticity to domestic companies and instit­utions,” said Mahesh Ramamoorthy, MD, banking soluti­ons, International Market, APAC, FIS.



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