RTGS system to be available on 24*7 basis from December 14, 2020

RTGS system to be available on 24*7 basis from December 14, 2020

• The Reserve Bank of India has announced that the Real Time Gross Settlement (RTGS) system will be made available round the clock on all days of the year with effect from 00:30 hours on December 14, 2020.
• Presently RTGS system is available for customers between 7:00 AM and 6:00 PM.
• RTGS shall continue to be governed by the RTGS System Regulations, 2013.
• RTGS shall be available for customer and inter-bank transactions round the clock, except for the interval between ‘end-of-day’ and ‘start-of-day’ processes, whose timings would be duly broadcasted through the RTGS system.
• Intra-Day Liquidity (IDL) facility shall be made available to facilitate smooth operations. 

Points to remember:

1. Minimum transaction limit in RTGS?- Rs 2 lakhs
2. RTGS system is governed by?- RTGS System Regulations, 2013.
3. The RTGS system will be unavailable on any day between?- ‘end-of-day’ and ‘start-of-day’ processes

Source: RBI