RBI slashes RTGS threshold limit to R1 lakh till today

Written by Press Trust of India | Mumbai | Updated: Jun 9 2012, 10:32am hrs
The Reserve Bank on Friday said it has cut the threshold limit in Real Time Gross Settlement System transactions to R1 lakh from existing R2 lakh until June 9, 2012, due to some technical issues.

To ensure that customers were not unduly inconvenienced, the Reserve Bank temporarily brought down the threshold limit in Real Time Gross Settlement System (RTGS) to R1 lakh from the existing R2 lakh. This arrangement would continue till Saturday, June 9, 2012, RBI said in a notification.

There was delay in processing of transactions of RBIs National Electronic Funds Transfer (NEFT) on June 5 due to some technical glitches that resulted into delay in transmission to destination banks.

However, issues were addressed to large extent by June 6, RBI continues to monitor and address some residual issues, it said.

The NEFT which is operational since 2005 is a pan-India one-to-one funds transfer system used by individuals, corporates and governments. The transactions in the system are put through various bank branches across the country.

Around 18 million transactions are processed every month on an average through this system.

The volume of transactions processed in NEFT over the last three years has witnessed 100% year-on-year growth, RBI said.