The Real Time Gross Settlement System (RTGS) for high-value transactions shall be accessible round the clock on all days from 00:30 hours staring at the moment, making India one of many few international locations to function the system 24×7.
Back in October, the Reserve Bank of India (RBI) had introduced that RTGS shall be accessible round the clock on all days of the yr.
RBI Governor Shaktikanta Das stated RTGS facility within the nation will turn into operational from 12.30 am on Monday. This transfer by the central financial institution comes inside a yr of operationalizing the nationwide digital funds switch (NEFT) on a 24×7 foundation.
“Congratulations to the teams from RBI, Indian Financial Technology and Allied Services (IFTAS) and the service partners who made this possible,” Mr Das tweeted.
The RTGS system is supposed for high-value transactions, on a real-time foundation. The minimal quantity that may be remitted by means of RTGS is Rs 2 lakh and there’s no most restrict. The beneficiary financial institution receives directions to switch the funds instantly after the transaction is carried out, and the switch is rapid. On the opposite hand, NEFT handles fund transfers as much as Rs 2 lakh and such transactions are often executed in a few hours.
RTGS, which began on March 26, 2004, with a gentle launch involving 4 banks, presently handles 6.35 lakh day by day transactions for a worth of Rs 4.17 lakh crore involving 237 participant banks.