Mumbai: Reserve Bank of India Governor Shaktikanta Das on Friday announced that the Real Time Gross Settlement (RTGS) payment system will be available round the clock from December 2020 to make online fund transfers smooth.
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2,00,000 with no upper or maximum ceiling.
Here is all you need to know:
1-RTGS is a safe and secure system for funds transfer. This payment system has no amount cap.
2-The funds settlement takes place in the books of the RBI. So, the payments are final and irrevocable.
3-As of now, RTGS is not a 24×7 system. The RTGS service window for customer transactions is available to banks from 7 am to 6 pm on a working day, for settlement at the RBI end. However, the timings that the banks follow may vary from bank to bank.
4-NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, RTGS transactions are processed continuously on a transaction by transaction basis throughout the RTGS business hours, Hindustan Times reported.
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