RTGS payment available 24×7 from Dec

The Reserve Bank of India, announced that the Real-Time Gross Settlement (RTGS), which is used for large-value fund transfers, will be available round-theclock from December .

At present, RTGS, which has a minimum fund transfer of Rs. 2 lakh, is available for customers from 7.00 am to 6.00 pm on all working days of a week (except the second and fourth Saturdays).

“With this, India will be one of the very few countries globally with a 24x7x 365 large-value real-time payment system,” said RBI Governor Shaktikanta Das.

“To support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India’s efforts to develop international financial centers, and to provide wider payment flexibility to domestic corporates and institutions, it has been decided to make available the RTGS system round-the-clock on all days,” said the Statement on Developmental and Regulatory Policies.

In December last year, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis.

Mahesh Ramamoorthy, Managing Director, Banking Solutions, International Market, APAC, FIS, said the move would enable India to become an integral part of the global financial markets and provide wider payment elasticity to domestic companies and institutions.

“The RBI initiative will also enable almost all businesses to operate 24X7, with a payment system that supports trade and commerce,” he said.