In a big push to encourage digital payments, the Reserve Bank of India(RBI) announced the 24*7 Real Time Gross Settlement (RTGS), used for large value transactions, facility from December 14.
RBI Governor Shaktikanta Das announced that the RTGS facility would become operation from 24*7 from 12.30 am tonight.
Currently, the RTGS transaction facility is available for customers from 7 am to 6pm on all working days a week, expect the second and fourth Saturdays of every month.
RBI Governor Shaktikanta Das had earlier said that with 24X7 RTGS system, “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.”
Earlier RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country.
The RBI had also announced a slew of measures including enhancing the limit for contactless card transactions to Rs 5,000. In December 2019, the National Electronic Fund Transfer (NEFT) system was made available on 247365 basis. NEFT is used for fund transfers of upto Rs 2 lakh.
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