RBI extends timings for real-time settlement

The Reserve Bank of India (RBI) has extended the time for customer and inter-bank transactions to use Real Time Gross Settlement System (RTGS) by 30 minutes on Saturdays to encourage higher usage of the electronic payment system.

The RTGS Standing Committee has decided to extend RTGS timings for customer’s transactions on Saturdays from 12:00 noon to 12:30 hours and for inter-bank transactions from 14.00 to 14.30 hours. The new timings have already become effective from January 10, 2009.

Pointing out a gap in vast network branches with RTGS facility and its actual use, the central bank said the usage of the system has not increased proportionately. The RTGS facility is available at over 53,000 bank branches in the country.

According to RBI data, the monthly inter-bank transaction through RTGS in April-November 2008 was in the range of 1.58 lakh to 1.75 lakh. In value terms, the amount was the highest in October 2008 at Rs 41,08,241 crore and lowest (Rs 26,34,309 crore) in August 2008.