MONEY
RTGS becomes 24x7 all through the year
- IBJ Bureau
- Dec 29, 2020
Real Time Gross Settlement System (RTGS) has become operational 24x7 all throughout the year mid-December last year. This development comes within a year of operationalising National Electronics Funds Transfer (NEFT) 24x7. “India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year,” the RBI has said in a statement. The RTGS system is mostly meant for high-value transactions, with minimum remittance of Rs 2 lakh and without any maximum limit. The RTGS currently handles 6.35 lakh transactions on a daily basis for a value of Rs 4.17 lakh crore across 237 participant banks.
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