New Delhi / Mumbai. The Reserve Bank of India (RBI) has announced to make Real Time Gross Settlement (RTGS) available 24 hours a day, 365 days a year. This decision will be applicable from December 2020. The Reserve Bank has given this information in a statement issued on Friday on its development and regulatory policy.
After this decision of the Reserve Bank, RTGS facility will be available at all times of the year. It is to be known that currently RTGS facility is available from 7 am to 6 pm on all working days of the week except the second and fourth Saturday of the month.
What is RTGS service
Funds can be transferred instantly through RTGS. Actually, it is used in large transactions. Amounts below Rs 2 lakh cannot be transferred through RTGS. It can be used by both online and bank branch customers.
RBI said that with the introduction of this facility, India will join the countries of the world which have 24x7x365 large value real time payment system of the year. It may be noted that the Monetary Policy Committee has not made any change in interest rates. The six-member MPC headed by Reserve Bank Governor Shaktikanta Das has decided not to change the interest rates.