The Reserve Bank of India (RBI) has announced that RTGS or the Real Time Gross Settlement system will be available round the clock on all days of the year from December 14, 2020.

The RTGS facility is used to make large money transfers from one bank account to another. As per the RBI’s FAQs, the minimum amount that can be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling. However, banks usually have an upper ceiling of Rs 10 lakh.

The central bank made this announcement via a notification on December 4, 2020. “It has been decided to make RTGS available round the clock on all days of the year with effect from 00:30 hours on December 14, 2020,” the RBI notification stated.

Under the current rules, the RTGS facility is available between 7 AM and 6 PM on all working days except for the second and fourth Saturdays of the month and Sundays.

With this, India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year, the RBI said.

This comes within a year of operationalizing NEFT 24×7 by the Reserve Bank, the central bank said.

In the monetary policy, the RBI had announced that the RTGS will be available round the clock on all days of the year. “Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14,” the RBI said.