The Reserve Bank of India (RBI) has decided to reduce the threshold limit mandated for real time gross settlement (RTGS) system from Rs 1 crore to Rs 10 lakh with effect from August 1, 2008.
A review of such payments in electronics format was made recently and it was observed that the payments by and large have migrated to the electronics mode which was made effective from April 1 in a seamless manner. In view of this and considering the level of comfort that the electronic payment systems and its users have achieved, the new decision to reduce the threshold limit to Rs 10 lakh was taken, the RBI said in a release. Recognising the importance of ensuring the safety and security of the payment systems, RBI has put in place three modes of electronic payments.
