The Reserve Bank of India (RBI) has announced that from 14 December 2020 the real time gross settlement system (RTGS) in the country will start working 24×7 hours throughout the year. This will facilitate a lot of people doing digital transactions.
This service will be available to customers all the time from 12:30 pm today (December 14). According to the Reserve Bank of India, RTGS facility will be available 24 hours a day from 14 December. This means that you will be able to transfer money through RTGS anytime and anytime.
RBI Governor Shaktikanta Das says that online transactions have increased significantly in the Corona era. RBI then decided to provide RTGS facility 24 * 7 hours. The RBI had decided to extend the timing of RTGS to support the efforts of global integration of the Indian financial market.
In India, the RTGS system will become a full-time working system from 14 December. In October, the RBI had announced to make the RTGS system a 24-hour system. Explain that the facility of NEFT is already available 24 * 7.
RTGS is a system used for electronic transactions of large amount. While up to two lakh rupees online transactions can be done from NEFT. RTGS was started on 26 March 2004. At that time only four banks used to provide payment facility. Currently, 6.35 lakh transactions are done daily through RTGS.
At present, under this, 6.35 lakh consumers per day, 4.17 lakh crore rupees are traded. This facility is presently in 237 banks. RTGS uses the ISO 20022 format. It is the best in class messaging standard for financial transactions.
RTGS systems are basically used for high value transactions. It happens on a real-time basis. While the minimum amount for RTGS is 2 lakhs, there is no limit for the maximum amount. In this system, money can be transferred immediately.