The Reserve Bank of India (RBI) has stretched the timings for customer transactions through Real Time Gross Settlement (RTGS) system. The effect will take place from June 1, RTGS timings for consumer transactions (initial cut-off) will be 6:00 PM, which is 4:30 PM as of now.
On Tuesday, the RBI in a notification said, “It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.”
The RTGS system is meant for large-value transactions and can be used for remitting funds more than Rs 2 lakh. There is no upper ceiling on the value of funds that can be transferred via the RTGS system.
After 6:00 PM, customers will have to pay Rs 10 per outward transaction for remitting funds via the RTGS system. However, the time-varying charges for transactions in RTGS from 1:00 pm to 6:00 pm shall be Rs 5 per outward transaction, RBI said in its statement.
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