RTGS New Timings From December

Personal Finance

oi-Roshni Agarwal

By Roshni Agarwal

Published: Monday, November 30, 2020, 8:36 [IST]

To give a boost to digital economy and refrain from cash transactions, RTGS or real time gross settlement has been made available round the clock. RTGS is a realtime settlement system that enables large value transactions.

In the current regime, RTGS is available on all working days from 7 am to 6 pm except for second and fourth Saturdays. RBI Governor in an attempt to connect the global financial marketsfacilitate India's efforts to develop international financial centres and to provide wider payment flexibility to domestic corporate and institutions, it has been decided to make RTGS available round-the-clock on all days.

"With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system," he said after the the meeting of the Monetary Policy Committee (MPC).

It is to be noted that since July 29, there is no levy in case of NEFT and RTGS transactions. Already, NEFT that is for a fund transfer of up to Rs. 2 lakh and IMPS is available round the clock.

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