The Reserve Bank of India (RBI) has extended the customer transaction timings for Real Time Gross Settlement (RTGS) by one hour from today. With this change, you can transfer funds through the RTGS system from 7 am, from the earlier 8 am. "In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7 am," said the RBI in a notification on Wednesday.
Now, customers will be able to carry on a RTGS transaction from 7 am to 6 pm and inter-bank transactions from 7 am to 7:45 pm.
This is the second time RBI has increased the time period for RTGS payment system. The apex bank had extended RTGS timings by one-and-a-half hours to 6 pm from June 1.
What is RTGS?
The RTGS or Real Time Gross Settlement (RTGS) system is primarily meant for large value transactions. The minimum cap for these transactions is Rs 2 lakh and there is not upper limit.
The RBI also recently waived charges for RTGS transactions to give a boost to digital transactions. "It has been decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by Reserve Bank of India for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived," the RBI said in a circular on June 11. The apex bank had also ordered banks to pass on the benefits to their customers.
Currently, there are more than 140,000 RTGS-enabled bank branches in the country.