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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

Topics
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.

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