In a bid to give a push to digital payments, the Reserve Bank of India (RBI) on December 4 announced that the RTGS applied for big worth transactions will be offered round the clock on all days of the year from December 14, 2020.
The RTGS facility is applied to make big revenue transfers from a single bank account to one more. As per the RBI’s FAQs, the minimum quantity that can be remitted by means of RTGS is Rs 2 lakh with no upper or maximum ceiling. However, banks generally have an upper ceiling of Rs 10 lakh.
Currently, the RTGS transaction facility is offered for consumers from 7.00 am to 6.00 pm on all working days of a week, except the second and fourth Saturdays of every single month.
RBI Governor Shaktikanta Das had earlier stated that with the 24X7 RTGS program, “it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier. This will make the payments ecosystem more efficient.”
(With inputs from PTI)