RTGS online fund transfer service available 24X7 from today
The Real-Time Gross Settlement System (RTGS) for high-value transactions is now available round-the-clock from Monday, (00:30 hours of December 14).
“This comes within a year of operationalizing NEFT 24×7 by the Reserve Bank,” the RBI earlier said in a statement.
RBI Governor Shaktikanta Das had announced in October that the system will be available at all times from December 2020 to make online fund transfer smooth.
“RTGS facility becomes operational 24X7 from 12.30 am tonight. Congratulations to the teams from RBI, IFTAS and the service partners who made this possible,” Das said in a tweet on Sunday.
RTGS facility becomes operational 24X7 from 12.30 pm tonight. Congratulations to the teams from RBI, IFTAS and the service partners who made this possible.
— Shaktikanta Das (@DasShaktikanta) December 13, 2020
RTGS is a financial transaction system, where there is a continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. RTGS transactions or transfers have no amount cap.