Mumbai, Oct 9 (IANS) In a move to facilitate more convenience for online fund transfers, the Reserve Bank of India (RBI) has decided to make Real Time Gross Settlement (RTGS) system available round the clock from December 2020.
The decision comes after the RBI made the National Electronic Funds Transfer (NEFT) system available round the clock throughout the year in December last.
“In order to facilitate swift and seamless payments in real time for domestic businesses and institutions, it has been decided to make available the RTGS system round the clock on all days from December 2020,” said RBI Governor Shaktikanta Das on Friday.
He noted that India will be among very few countries globally with ’24x7x365′ large value real-time payment system.
This will facilitate innovations in the large value payments ecosystem and promote ease of doing business, he said.
RTGS facility is mostly used for high-value transactions.