RTGS system to become 24x7 from December 2020 onwards
New Delhi : Reserve Bank of India Governor Shaktikanta Das has announced that the Real Time Gross Settlement (RTGS) payment system will be made available 24x7 from December 2020 to make online fund transfer smooth.
Here is all you need to know:
1. RTGS is a safe and secure system for funds transfer.
2. This payment system has no amount cap.
3. The funds settlement takes place in the books of the Reserve Bank of India. So, the payments are final and irrevocable.
4. As of now, RTGS is not a 24x7 system. The RTGS service window for customer transactions is available to banks from 7am to 6pm on a working day, for settlement at the RBI end. However, the timings that the banks follow may vary from bank to bank.
5. 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.
6. NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction by transaction basis throughout the RTGS business hours.