You are here: Home » Finance » News » Banks
Business Standard

Now, RTGS payment system to be available around the clock, says RBI

While NEFT was made a 24x7 system in December, 2019, RTGS will also become one in December, 2020

RTGS | Banking | Online payments

Subrata Panda  |  Mumbai 

online transfer, online payment, money transfer
With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system.

The RBI has decided to made real-time gross settlement (RTGS) system available round the clock on all days from December. This comes after the RBI made national electronic funds transfer (NEFT) system round the clock in December last.

is used to transfer large sums, the minimum amount being Rs 2 lakh.

It is now 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 a month.

“The facility will support India to become an integral part of global financial markets, and provide wider payment elasticity to domestic companies and instit­utions,” said Mahesh Ramamoorthy, MD, soluti­ons, International Market, APAC, FIS.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 09 2020. 12:23 IST