Moneycontrol Be a Pro
Get App
you are here: HomeNewsBusiness
Last Updated : Aug 21, 2019 09:50 PM IST | Source: PTI

RTGS system for customer transactions to open at 7 am from August 26: RBI

The extended customer transactions timing will be applicable from August 26, it added.


Transfer of funds through the high-value RTGS system will be available from 7 am instead of 8 am from August 26, the Reserve Bank of India said on Wednesday. At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 0800 hours to 1800 hours and for inter-bank transactions from 0800 hours to 1945 hours.

"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 7:00 am," the RBI said in a notification.

The extended customer transactions timing will be applicable from August 26, it added.

Close

Earlier this month, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) from December this year in order to promote digital transactions.

Currently, the NEFT, a retail payment system, is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month.

The NEFT system is used for fund transfers of up to Rs 2 lakh, and RTGS for those above this threshold.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Aug 21, 2019 09:50 pm
Loading...
NULL int(1)
Sections
Follow us on
Available On
PCI DSS Compliant