Technical glitch at RBI hits NEFT, RTGS transactions: Report
The transactions were affected for 12 hours starting midnight on February 24
February 26, 2020 / 01:56 PM IST
A technical glitch at the Reserve Bank of India (RBI) impacted transactions made via National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS), BusinessLine reported.
The transactions were affected for 12 hours starting midnight on February 24, bankers told the publication.
“We are trying to complete the end-of-day for RTGS transactions of the previous day. The start-of-day for RTGS has not happened. NEFT transactions have now been restored,” a banker told the paper, adding that RTGS transactions will resume shortly.
Moneycontrol could not independently verify the story.
The problem was faced by Indian Financial Technology and Allied Services (IFTAS), an RBI subsidiary, while moving the disaster recovery site from one location to another, the report said.
NEFT and RTGS are the most popular methods of transferring money between bank accounts in India.
RTGS is usually meant for larger transactions, with the minimum amount placed at Rs 2 lakh.