In order to boost the digital payments, the Reserve Bank of India (RBI) has allowed the transfer of funds through Real-Time Gross Settlement (RTGS) system for customers 24X7. It will be made available round-the-clock in the next few days.
The RTGS facility is used for the transaction of large-value funds with a minimum amount to be transacted is Rs 2 lakh. There is no maximum limit to the transaction.
Earlier the RTGS facilities were available from 7 am to 6 pm during all the working days of a week with exceptions on second and fourth Saturdays of every month.
RBI Governor Shaktikanta Das said, “To support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India’s efforts to develop international financial centres and to provide wider payment flexibility to domestic corporate and institutions, it has been decided to make RTGS available round-the-clock on all days.”