BackRTGS money transfer facility operating hours to be impacted today. Details here
In case of RTGS, one can transfer a minimum of ₹2 lakh at a time
PremiumThe Real Time Gross Settlement (RGTS) service for fund transfers will not be available for 14 hours today, the Reserve Bank of India (RBI) had informed.
"As technical upgrade of RBI's #RTGS is scheduled after the close of business of April 17, 2021, #RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. #NEFT system will continue to be operational as usual during this period for #moneytransfers," the RBI tweeted on Thursday.
Under RTGS, there is continuous and real-time settlement of fund-transfers individually on a transaction-by-transaction basis without netting. It is a safe and secure system for funds transfer without any upper or maximum ceiling and is available on all days on 24x7x365 basis.
It further said banks may inform their customers to plan their payment operations accordingly.
Last week, the central bank had proposed to expand RTGS and NEFT facilities to non-bank payment system firms in a phased manner. The objective of the move is to encourage participation of non-banks across payment systems.
The RTGS facility was made available round-the-clock on all days from December 14 last year, making India one of the few countries to operate the system 24x7.
In case of RTGS, one can transfer a minimum of ₹2 lakh at a time. The transfers are continuous, on a transaction-by-transaction basis. There is no limit on the amount one can transfer.
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