RTGS new timings from december
To give a boost to the digital economy and refrain from cash transactions, RTGS or real-time gross settlement has been made available round the clock. RTGS is a real-time settlement system that enables large value transactions. In the current regime, RTGS is available on all working days from 7 am to 6 pm except for the second and fourth Saturdays. RBI Governor in an attempt to connect the global financial markets facilitate India's efforts to develop international financial centers and to provide wider payment flexibility to domestic corporate and institutions, it has been decided to make RTGS available round-the-clock on all days.
"With this, India will be one of the very few countries globally with a 24x7x365 large value real-time payment system," he said after the meeting of the Monetary Policy Committee (MPC).
It is to be noted that since July 29, there is no levy in the case of NEFT and RTGS transactions. Already, NEFT is for a fund transfer of up to Rs. 2 lakh, and IMPS is available round the clock.