The Reserve Bank of India (RBI) on Monday said the RTGS (Real Time Gross Settlement) service for fund transfers will not be available for 14 hours on Sunday, April 18.
A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021, the RBI said in a release.
"Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021," it added. The NEFT (National Electronic Funds Transfer) facility will be operational as usual during the same period.
Under RTGS, there is continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting). It is a safe and secure system for funds transfer without any upper or maximum ceiling and is available on all days on 24x7x365 basis.
Last week, the central bank had proposed to expand RTGS and NEFT facilities to non-bank payment system firms in a phased manner.
Till now, membership to the RBI-operated Centralised Payment Systems (CPSs) - RTGS and NEFT - were limited to banks. However, the RBI proposed to enable non-bank payment systems like PPI (prepaid payment instrument) issuers, card networks, wide-level ATM operators, among others to take direct membership in the Centralised Payment Systems.
The objective of the move is to encourage participation of non-banks across payment systems, RBI said. "This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments."