RTGS facility will not operate on 2nd, 4th Saturdays: RBI
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The Reserve Bank has said that the Real-time gross settlement - RTGS system will not be operated on second and fourth Saturdays with banks observing public holiday on those days. In a notification issued from Mumbai, RBI said that the system will operate for full days on working Saturdays of the month.
As per the new time schedule including all working Saturdays, business opening would be at 8 AM while initial cut off for customer transactions would be 4:30 PM. The final cut-off for inter-bank transactions will be at 1945 hrs and the close of business will be at 8 PM. As per earlier timings for Saturdays, the initial cut-off was at 1400 hrs and final cut off at 1500 hrs.
RTGS refers to continuous or real time settlement of funds and is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh while there is no upper ceiling.
As per the new time schedule including all working Saturdays, business opening would be at 8 AM while initial cut off for customer transactions would be 4:30 PM. The final cut-off for inter-bank transactions will be at 1945 hrs and the close of business will be at 8 PM. As per earlier timings for Saturdays, the initial cut-off was at 1400 hrs and final cut off at 1500 hrs.
RTGS refers to continuous or real time settlement of funds and is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh while there is no upper ceiling.
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