Impertinent Announcment RTGS service will be available 24 x 7 from tonight.

  The Real-Time Gross Settlement System (RTGS) for high value transactionsservice will be available 24 x 7 from tonight.

RTGS Service available from tonight

  RTGS Funds Transfer: The Real-Time Gross Settlement System (RTGS) for high value transactions is going to be available from 00:30 hours today i.e. from 14th December to 7 days and 24 hours, 24 * 7 services will be available in India and some countries.

  The RTGS (Real-Time Gross Settlement) facility will be launched tonight from 12:30 pm to 24X7, RBI Governor Shakikanta Das said on Sunday.

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  In October, the RBI announced that RTGS would be available 24 hours a day, all days of the year.

 It is being operated by the Reserve Bank of India (RBI) NEFT 24 × 7 within a year.  NEFT is a popular medium for low-cost transactions.

  

  RTGS, a low-value transaction through a soft launch of four banks, was launched on March 26, 2004. It currently handles 6.35 lakh daily transactions worth Rs 4.17 lakh crore across 237 participating banks.

  In November 2020, the average ticket price of RTGS was Rs 57.96 lakh, which has turned into a large-value payment system.

  RBI uses the ISO 20022 format which is the best class messaging standard for financial transactions.  The feature of loan confirmation in beneficiary accounts is also available in RTGS.

  ‘The RTGS cycle will provide extended flexibility to businesses to streamline payments and enable the introduction of additional settlement cycles in supportive payment systems.

  "This will affect Indian financial market activity and border payments," the RBI said.

  Earlier, the RBI had decided not to charge for transactions through NEFT and RTGS for the expansion of digital transactions and to provide customer benefits to banks.

 

  The RBI used to levy minimum charges on banks for transactions through RTGS and NEFT.  Banks, instead, impose charges on customers.

  RTGS is the most valuable instant fund transfer system, and there is no specific benchmark set by the RBI for transferring funds through the NEFT system.  However, banks set amount limits based on their own risk perception through their board approval.