Reserve Bank extends RTGS timing till 6:00 pm for general public from 1 June

Under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers

Press Trust of India May 29, 2019 12:00:37 IST
Reserve Bank extends RTGS timing till 6:00 pm for general public from 1 June
  • The RTGS system is primarily meant for large value transactions

  • The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling

  • Under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers

Mumbai: Timings for fund transfer through RTGS have been extended by one-and-a-half hours to 1800 hrs for the general public from 1 June, the Reserve Bank of India said Tuesday.

Under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting).

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling.

"It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm," the RBI said in a notification.

The extended window for RTGS will be applicable from 1 June.

Besides, National Electronic Funds Transfer (NEFT) is another popular form of fund transfer. There is no limit for the minimum/maximum for fund transfer. However, NEFT operates in hourly batches. Currently, India's largest bank SBI provides 12 settlements from 8 am to 7 pm on weekdays and five settlements from 8 am to 1 pm on Saturdays.

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