RTGS Payments will be available for consumers 24×7 from December 14th, 2020, which will allow them to perform high-value transactions easily. Following are some details that you should know about it:
India’s central banking system, The Reserve Bank of India (RBI), announced the decision of making “real-time gross settlement” (RTGS) payments to be available round the clock, on Friday. This change will begin from 12;30 AM on December 14th and will be available for all 365 days. This development became a reality months after the RBI Governor, Shaktikanta Das announced the possibility of the same from December.
Das, in his policy review statement, said that this change will reduce the risk that comes with every kind of transaction, such as UPI and RuPay transactions. It is also expected to make payments easier and simpler for people.
The RBI said that the RTGS shall be present for the customers 24×7 except when they are undergoing the ‘start of day’ and ‘end of day’ processes. The timings of the said processes will also be updated as and when it is done. The central bank also went on to announce that the RTGS will be regulated by the RTGS Systems Regulations, with necessary changes being made as and when needed.
At present, the RTGS System is available for customers from 7 am to 6 pm on all the working days, except the second and the fourth Saturdays of the month. However, it will be available for all 365 days of the year.
The RTGS System is used for high-value transactions that have no upper limit provided. They have set a limit of a minimum payment which is 2 lakhs. The branches under the RTGS System are expected to receive funds as soon as the transaction is made.