RBI extends RTGS timing till 1800 hrs

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Shopping Friend
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RBI extends RTGS timing till 1800 hrs
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RBI extends RTGS timing till 1800 hrs

Timings for fund transfer through RTGS (Real Time Gross Settlement) have been extended by one-and-a-half hours to 1800 hrs for the general public from June 1, the Reserve Bank of India said Tuesday.

Under RTGS system, there is a continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting).

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling.

“It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm,” the RBI said in a notification.

The extended window for RTGS will be applicable from June 1.

Besides, NEFT or National Electronic Funds Transfer is another popular form of fund transfer.

There is no limit for the minimum/maximum for fund transfer. However, NEFT operates in hourly batches. Currently, India’s largest bank SBI provides 12 settlements from 8 am to 7 pm on weekdays and five settlements from 8 am to 1 pm on Saturdays. — PTI

https://www.theweek.in/wire-updates/business/20...

7 Comments  |  
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Community Angel
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Good News , HA smile

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Deal Lieutenant
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pentiumd wrote:

there may be a human being manually verifying and approving each transaction.

But RTGS is realtime.
I do not think human verification possible in such short time that too for millions of transactions.

Also when IMPS upto Rs2lacs is instant anytime, they should make even NEFT 24/7 up to 2lacs

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Deal Lieutenant
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Exactly, I just don’t understand such time limits are applicable to RTGS etc.
@getready any idea bhai?

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Critic
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RTGS process is manually initiated in most cases

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