RTGS fund transfer service to be available 24X7 from December 2020
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The Reserve Bank of India has said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December 2020.
Currently, 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.
Announcing the bi-monthly RBI Monetary Policy decision, RBI Governor Shaktikanta Das said, customers will get round-the-clock availability of Real Time Gross Settlement (RTGS) System.
“In December 2019, the RBI made available the National Electronic Funds Transfer (NEFT) system on a 24x7x365 basis and the system has been operating smoothly since then. In order to facilitate swift and seamless payments in real time for domestic businesses and institutions, it has been decided to make available the RTGS system round the clock on all days from December 2020.”
Currently, 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.
Announcing the bi-monthly RBI Monetary Policy decision, RBI Governor Shaktikanta Das said, customers will get round-the-clock availability of Real Time Gross Settlement (RTGS) System.
“In December 2019, the RBI made available the National Electronic Funds Transfer (NEFT) system on a 24x7x365 basis and the system has been operating smoothly since then. In order to facilitate swift and seamless payments in real time for domestic businesses and institutions, it has been decided to make available the RTGS system round the clock on all days from December 2020.”
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