In its October 9, 2020 RBI MPC statement, RBI Governor Shaktikanta Das allowed availability of RTGS or Real Time Gross Settlement round the clock i.e. 24 by 7.
RTGS is a payments method for amount over Rs. 2 lakh. The facility shall be made flexible from December. Until now the facility was available during the work hours of bank.
On the move Das said India will be among very few nations offering round the clock large value payment systems.
RTGS Payments Method To Be Available Round The Clock
This is after NEFT last year since December was allowed round the clock.The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country". Until the move, NEFT was available between 8 am to 7pm on all working days with the exception of second and fourth Saturdays of a month.
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