Use RTGS any time to transfer money from Dec 14

Mumbai: The Reserve Bank of Indian (RBI) on Wednesday said that the Real Time Gross Settlement System (RTGS) will be made available round the clock from December 14.

India will become one of the few countries in the world to operate its RTGS system round-the-clock throughout the year.

"This comes within a year of operationalising NEFT round-the-clock by the Reserve Bank," the RBI said in a statement.

The settlement system began its operations on March 26, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks.

"The average ticket size for RTGS in November 2020 was Rs 57.96 lakh making it a truly large value payment system," the statement said.

"Round-the-clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems."

"This can also be leveraged to enhance operations of Indian financial markets and cross-border payments." (IANS)