RTGS system for real time fund transfer to become 24x7 from December
PrintListen to this Article
0:00
0:00
Reserve Bank of India Governor Shaktikanta Das on Friday announced that Real Time Gross Settlement (RTGS) payment system will be available round the clock from December 2020 to make online fund transfer smooth.
Here is all you need to know:
1. RTGS is a safe and secure system for funds transfer.
2. This payment system has no amount cap.
3. The funds settlement takes place in the books of the Reserve Bank of India. So, the payments are final and irrevocable.
4. As of now, RTGS is not a 24x7 system. The RTGS service window for customer transactions is available to banks from 7am to 6pm on a working day, for settlement at the RBI end. However, the timings that the banks follow may vary from bank to bank.
5. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2,00,000 with no upper or maximum ceiling.
6. NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction by transaction basis throughout the RTGS business hours. #casansaar (Source - RBI, PTI, HindustanTimes)
Here is all you need to know:
1. RTGS is a safe and secure system for funds transfer.
2. This payment system has no amount cap.
3. The funds settlement takes place in the books of the Reserve Bank of India. So, the payments are final and irrevocable.
4. As of now, RTGS is not a 24x7 system. The RTGS service window for customer transactions is available to banks from 7am to 6pm on a working day, for settlement at the RBI end. However, the timings that the banks follow may vary from bank to bank.
5. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2,00,000 with no upper or maximum ceiling.
6. NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction by transaction basis throughout the RTGS business hours. #casansaar (Source - RBI, PTI, HindustanTimes)
Category : RBI | Comments : 0 | Hits : 422
The Supreme Court on Friday set aside the rejection of an IRS officer’s candidature for appointment as a member of the Income Tax Appellate Tribunal (ITAT), ruling that the involvement of the th...
The Reserve Bank of India (RBI) on Friday unveiled a set of liquidity-boosting measures aimed at infusing more than $23 billion (around ₹2 lakh crore) into the banking system, after review...
RBI has issued draft rules to tighten dividend payouts by banks by linking distributions to capital adequacy, asset and profit quality, setting a uniform prudential framework effective from FY27. In t...
Comments