The Reserve Bank of India (RBI) announced on Monday that the Real-Time Gross Settlement (RTGS) facility would be unavailable for at least 14 hours on April 18. The National Electronic Funds Transfer (NEFT) system will remain operational as normal during this period, according to the RBI.
The central bank increased the NEFT and RTGS facilities to non-bank payment system operators last week. Until now, only banks were permitted to use the RTGS and NEFT payment systems.
"A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. The NEFT system will continue to be operational as usual during this perio," the RBI said in a statement.
The Reserve Bank of India (RBI) stated in its Development and Regulatory Policies declaration that RTGS will be available 24 hours a day, seven days a week beginning in December 2020. Previously, transfers could only be made between 7:00 a.m. and 6:00 p.m. on all working days, with the exception of the second and fourth Saturdays of the month and Sundays.
Apart from its availability 24 hours a day, seven days a week, the RTGS has a number of advantages over other methods of money transfer. It's a more dependable, safer system that allows you to move an unlimited amount of money.