Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days.
‘With this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier. This will make the payment ecosystem more efficient” he added.
Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh.
In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis.
Earlier, from July 2019 RBI stopped levying charges on transactions through NEFT and with an aim to promote digital transactions in the country.
