RBI cuts RTGS deals threshold to Rs 1 lakh

The Reserve Bank today said it has cut down the threshold limit in Real Time Gross Settlement System transactions to Rs 1 lakh from existing Rs 2 lakh until June 9, 2012 due to some technical issues.

"To ensure that customers were not unduly inconvenienced, the Reserve Bank temporarily brought down the threshold limit in Real Time Gross Settlement System (RTGS) to Rs 1 lakh from the existing Rs 2 lakh. This arrangement would continue till Saturday, June 9, 2012," RBI said in a notification.

There was delay in processing of transactions of RBI's National Electronic Funds Transfer (NEFT) on June 5 due to some technical glitches that resulted into delay in transmission to destination banks.

However, issues were addressed to large extent by June 6, RBI continues to monitor and address some residual issues, it said.

The NEFT which is operational since 2005 is a pan-India one-to-one funds transfer system used by individuals,corporates and governments. The transactions in the system are put through various bank branches across the country.

Around 18 million transactions are processed every month on an average through this system.

The volume of transactions processed in NEFT over the last three years has witnessed 100 per cent year-on-year growth, RBI said