The RBI has allowed 24/7 transfer of funds through Real-Time Gross Settlement (RTGS) round-the-clock from December-first. This move is aimed at promoting digital transactions and ensure seamlessly. It will help all those who are in the business of making large value transactions on day-to-day basis.
The RBI had in October 2020 said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December 2020 in lieu of 7 am to 6 pm on all working days of a week, except second and fourth Saturdays of every month. Announcing the bi-monthly Central Bank Monetary Policy decision, Governor Shaktikanta Das had said, customers will get round-the-clock availability of RTGS System.
RTGS is a real-time settlement system that enables large value transactions. RBI Governor in an attempt to connect the global financial markets facilitate India's efforts to develop international financial centers and to provide wider payment flexibility to domestic corporate and institutions, it has been decided to make RTGS available round-the-clock on all days. "With this, India will be one of the very few countries globally with a 24x7x365 large value real-time payment system," he said after the meeting of the Monetary Policy Committee (MPC).
It is to be noted that since July 29, there is no levy in case of NEFT and RTGS transactions. Already, NEFT that is for a fund transfer of up to Rs. 2 lakh and IMPS is available round the clock.
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