The Reserve Bank of India (RBI) introduce digital transaction which has extended the customer transaction timing for Real-Time Gross Settlement (RTGS) system by an hour. RBI notification says, “To increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am”.
Here is the New RTGS timing window that will be on effect from 26 August 2019:
Open for business-7 am, Customer transactions(Initial Cut-off)- 6 pm, Inter-bank transactions (final cut-off)-7.45 pm, Intra-day liquidity (IDL) reversal-7.45 pm to 8.00 pm, End of day-8.00 pm.
Here are five things to do money transfer through RTGS:
At present, the RTGS system is available for customer transactions from 8 am to 6 pm and for inter-bank transactions from 8 am to 7.45 pm.
The extended customer transactions timing will be applicable from August 26.
The RTGS system is primarily meant for high-value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh with no maximum limit
RTGS transactions happen in real-time.
In this transfer, the beneficiary bank receives the instruction to transfer funds immediately when you carry out the transaction, and the transfer is instantaneous.
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