Mumbai: The Real Time Gross Settlement (RTGS) service will not be available for 14 hours on April 18 to facilitate a technical upgrade, Reserve Bank of India (RBI) announced on Monday.
The National Electronic Fund Transfer (NEFT) service will, however, remain operational during this period – from midnight till 2 pm.
“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 period,” RBI stated.
Member banks have been asked to notify the customers about the upgrade so that they can plan their transactions accordingly.
RBI on April 7 recently allowed direct membership of non-bank payment system operators in the Centralised Payment Systems (CPS). Until then, RTGS and NEFT were allowed only for banks and specialised entities like clearing corporations and select development financial institutions.