RTGS system for customer transactions to open at 7 am from August 26: RBI

By: |
August 21, 2019 9:37 PM

Transfer of funds through the high-value RTGS system will be available from 7 am instead of 8 am from August 26, the Reserve Bank of India said on Wednesday.

The extended customer transactions timing will be applicable from August 26, it added.The extended customer transactions timing will be applicable from August 26, it added.

Transfer of funds through the high-value RTGS system will be available from 7 am instead of 8 am from August 26, the Reserve Bank of India said on Wednesday.

At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 0800 hours to 1800 hours and for inter-bank transactions from 0800 hours to 1945 hours.

“In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am,” the RBI said in a notification.

The extended customer transactions timing will be applicable from August 26, it added.

Earlier this month, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) from December this year in order to promote digital transactions.

Currently, the NEFT, a retail payment system, is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month.

The NEFT system is used for fund transfers of up to Rs 2 lakh, and RTGS for those above this threshold.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Yes Bank lacked cost control; aim to cut op expenses by 20 pc in FY21: CEO
2Yes Bank’s Prashant Kumar: Covid has created problem on loan book, very difficult to estimate impact
3ICICI Bank shuts down operations in Sri Lanka