RBI launches RTGS 24x7 facilitating round-the-clock money transfer
23 Dec 2020
Beginning today, the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. This will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems.
- RTGS shall be available for customer and inter-bank transactions round the clock, except for the interval between ‘end-of-day’ and ‘start-of-day’ processes, whose timings would be duly broadcasted through the RTGS system.
- RTGS shall continue to be governed by the RTGS System Regulations, 2013, as amended from time to time.
- Intra-Day Liquidity (IDL) facility shall be made available to facilitate smooth operations. IDL availed, if any, shall be reversed before the ‘end-of-day’ process begins.
- RTGS transactions undertaken after normal banking hours are expected to be automated using ‘Straight Through Processing (STP)’ modes.
- RTGS System is used for high value transactions.
- It happens on a real-time basis. Every transaction is settled individually in case of RTGS.
- Currently, the RTGS transaction facility is available for customers from 7.00 am to 6.00 pm on all working days of a week, except the second and fourth Saturdays of every month.
- RBI stopped levying charges on transactions through RTGS from July 2019
- RBI also decided to increase the limit for contactless card transactions to Rs5,000 from Rs2,000 at Point of Sale (PoS) terminals from 1 January 2021 in view of the Covid-19 pandemic and feedback from stakeholders.