To facilitate high-value fund transfers, the RBI has announced an extension of timings for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to 06 PM.
About:
What is it? The RTGS is an online fund transfer system, supported by the Reserve Bank of India (RBI), which enables money transaction on a real-time basis.
Functioning: RTGS is a system of continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting).
‘Real Time’ means the processing of instructions at the time they are received.
‘Gross Settlement’ means that the settlement of funds transfer instructions occurs individually.
Limits: The RTGS system is primarily meant for large-value transactions.
The minimum amount for the transaction under this system is Rs 2 lakh.
There is no upper limit on the value of funds that can be transferred via the RTGS system.
Recent decision:
The recent decision by RBI follows a robust year-on-year increase in the number of transactions by 8 per cent to ₹1,335 crore in March 2019. The aggregate amount of transactions rose 12 per cent year-on-year to ₹1,255.51 crore.
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