Now 24/7 Availability of Real Time Gross Settlement (RTGS) System
Reserve bank of indi (RBI) governor announced that RTGS service will be made availabe for 24/7 from December 2020 onwards. Currently RTGS timings are 7 AM to 6 PM with minimum amount of 2 lakhs. Since many business entities are open for round the clock and india’s digital payments are also growing due to corona and other business reasons , it is necessary to make fund transfer to be avalable all the time.
RBI governor told his statement “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. India will be among very few countries globally with a 24x7x365 large value real time payment system. This will facilitate innovations in the large value payments ecosystem and promote ease of doing business”