Bhubaneswar: India will emerge as one of the few countries in the world when the Real Time Gross Settlement System (RTGS) will be available 24×7 from Sunday midnight.
In a release, the Reserve Bank of India stated that the RTGS has come into operation within a year of operationalising NEFT 24×7. RBI Governor Shakti Kant Das congratulated the teams from RBI, IFTAS and the service partners who made this possible.
The RTGS service window for customer transactions has ben available to banks for settlement at the RBI end from 7 am to 6 pm on a working day so far. In October, the RBI had announced that the system will be available 24×7 from December.
The RTGS, which began its operations on March 26, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions for a value of Rs 4.17 lakh crore across 237 participant banks everyday.
The RTGS will continue to be governed by the RTGS System Regulations, 2013, as amended from time to time. Intra-Day Liquidity (IDL) facility will be made available to facilitate smooth operations. The Intra-Day Liquidity (IDL) availed, if any, shall be reversed before the ‘end-of-day’ process begins, the release stated.
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