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The Reserve Bank of India has decided to increase the working hours to make online fund transfer through RTGS.
Currently, the RTGS service window for customer’s transactions is available to banks from 9.00 hours to 16.30 hours on week days and from 9.00 hours to 14:00 hours on Saturdays for settlement at the RBI end.
To promote electronic payments, the Reserve Bank today increased RTGS business hours to 12 hours from 8 am to 8 pm on weekdays, effective December 29.
On Saturdays, the RTGS (real time gross settlement) system of online fund transfer will be open from 8 am to 3.30 pm, the RBI said in a circular.
The new working hours will be with effect from December 29, 2014.
RTGS (Real Time Gross Settlement) is an electronic real-time fund transfer settlement individually, primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper limit.
Apart from the two payment systems of RTGS and NEFT, RBI has also introduced the revolutionary process of IMPS, click here to know more about it.