Good news! RTGS fund transfer service to be available 24X7 from December 2020
New Delhi: The Reserve Bank of India on Friday mentioned that Real Time Gross Settlement System (RTGS), used for giant worth transactions, can be made accessible round the clock from December 2020.
Currently, RTGS is offered for purchasers from 7.00 am to six.00 pm on all working days of per week, besides second and fourth Saturdays of each month.
Announcing the bi-monthly RBI Monetary Policy choice, RBI Governor Shaktikanta Das mentioned, clients will get round the clock availability of Real Time Gross Settlement (RTGS) System.
“In December 2019, the RBI made available the National Electronic Funds Transfer (NEFT) system on a 24x7x365 basis and the system has been operating smoothly since then. In order to facilitate swift and seamless payments in real time for domestic businesses and institutions, it has been decided to make available the RTGS system round the clock on all days from December 2020.”
“India will be among very few countries globally with a 24x7x365 large value real time payment system. This will facilitate innovations in the large value payments ecosystem and promote ease of doing business,” he added.
What is RTGS?
RTGS is a monetary transaction system, the place there’s steady and real-time settlement of fund transfers, individually on a transaction-by-transaction foundation. RTGS transactions or transfers haven’t any quantity cap.
What is the minimal quantity to be remitted by RTGS?
The minimal quantity to be remitted by RTGS is Rs 2 lakh with no higher or most ceiling.
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Since July 2019, RBI stopped levying fees on transactions by NEFT and RTGS, with an intention to advertise digital transactions within the nation.
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The central financial institution has additionally determined to grant perpetual validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) to scale back licensing uncertainties.
Currently, the RBI points “on-tap” authorisation beneath the Payment and Settlement Systems Act, 2007 to non-banks issuing Prepaid Payment Instruments (PPIs), working White Label ATMs (WLAs) or the Trade Receivables Discounting Systems (TReDS), or collaborating as Bharat Bill Payment Operating Units (BBPOUs).
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