RTGS, which started its operations on 26 March, 2004 with a tender launch involving 4 banks, presently handles 6.35 lakh transactions day by day for a price of Rs 4.17 lakh crore throughout 237 participant banks
Mumbai: The Real Time Gross Settlement System (RTGS) for top-worth transactions will become available round-the-clock from 00:30 hours Monday onwards, making India one of many few nations on this planet to function the system 24X7.
In October, the RBI had introduced that RTGS will probably be available round-the-clock on all days of the yr.
“RTGS facility becomes operational 24X7 from 12.30 am tonight. Congratulations to the teams from RBI, IFTAS and the service partners who made this possible,” RBI governor Shaktikanta Das mentioned in a tweet.
India will become one of many few nations on this planet to function its RTGS system round-the-clock all year long.
RTGS on 24X7X365 facility comes inside a yr of RBI operationalising NEFT 24×7. NEFT is a well-liked mode for small-worth transactions.
RTGS, which started its operations on 26 March, 2004 with a tender launch involving 4 banks, presently handles 6.35 lakh transactions day by day for a price of Rs 4.17 lakh crore throughout 237 participant banks.
The common ticket measurement for RTGS in November 2020 was Rs 57.96 lakh, making it a very massive worth cost system.
RTGS makes use of ISO 20022 format which is one of the best-in-class messaging normal for monetary transactions.
The characteristic of optimistic affirmation for credit score to beneficiary accounts can also be available in RTGS.
“Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems. This can also be leveraged to enhance operations of Indian financial markets and cross-border payments,” RBI had mentioned final week.
Earlier, RBI had determined not to levy prices on transactions by way of NEFT and Real Time Gross Settlement (RTGS) system so as to promote digital transactions within the nation, and requested banks to move on the advantages to the purchasers.
The RBI used to levy minimal prices on banks for transactions routed by way of RTGS and NEFT. Banks, in flip, levied prices on their clients.
RTGS is supposed for big-worth instantaneous fund transfers, whereas NEFT is used for fund transfers of up to Rs 2 lakh.
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