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RTGS system to open at 7 AM from August 26 as RBI extends operating hours

At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 0800 hours to 1800 hours

Press Trust of India  |  Mumbai 

rbi, reserve bank of india
Reserve Bank of India

Transfer of funds through the high-value system will be available from 7 am instead of 8 am from August 26, the said on Wednesday.

At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 0800 hours to 1800 hours and for inter-bank transactions from 0800 hours to 1945 hours.

"In order to increase the availability of the system, it has been decided to extend the operating hours of and commence operations for customers and banks from 7:00 am," the said in a notification.

The extended customer transactions timing will be applicable from August 26, it added.

Earlier this month, the had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) from December this year in order to promote digital transactions.

Currently, the NEFT, a retail payment system, is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month.

The NEFT system is used for fund transfers of up to Rs 2 lakh, and RTGS for those above this threshold.

First Published: Wed, August 21 2019. 21:30 IST
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