24x7 Availability of Real Time Gross Settlement (RTGS) System from 14th December 2020

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Here I come with a good news from RBI. The Reserve Bank of India Vide its Circular RBI/2020-21/70 DPSS (CO) RTGS No.750/04.04.016/2020-21 Dated 04.12.2020 released that, 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.

Further all the members are advised as under

1. RTGS shall be available for customer and inter-bank transactions round the clock, except for the interval between ‘end-of-day’ and ‘start-of-day’ processes, whose timings would be duly broadcasted through the RTGS system.

2. RTGS shall continue to be governed by the RTGS System Regulations, 2013, as amended from time to time. The revised Regulations are available on RBI’s website at: https://www.rbi.org.in/Scripts/Bs_viewRTGS.aspx.

3. Intra-Day Liquidity (IDL) facility shall be made available to facilitate smooth operations. The Intra-Day Liquidity (IDL) availed, if any, shall be reversed before the ‘end-of-day’ process begins.

3. Members are advised to put in place necessary infrastructure to provide RTGS round the clock to their customers. RTGS transactions undertaken after normal banking hours are expected to be automated using ‘Straight Through Processing (STP)’ modes.

4. Members are further advised to disseminate information on the extended availability of RTGS to all their customers.

5. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

The RBI has already make the NEFT available for 24*7. Since in NEFT the transactions settles in batches it take longer time than RTGS to settle the transaction. Now after 24x7 Availability of Real Time Gross Settlement (RTGS) System from 14th December 2020, all the transaction above Rs.2.00 lakhs will settle in real time.

Now the account holder/customer of the Bank need not to wait for opening of the during holidays. They must avail the net Banking facility and do their transaction as per their convenient.