RTGS to become functional round the clock from today

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RTGS to become functional round the clock from today

Last Updated : 14 Dec 2020 10:10:42 AM IST

RBI Governor Shaktikanta Das

The Real Time Gross Settlement System (RTGS) for high-value transactions will be available round-the-clock from today, making India one of the few countries in the world to operate the system 24X7.

RBI Governor Shaktikanta Das had announced in October that the system will be available at all times from December 2020 to make online fund transfer smooth.

"This comes within a year of operationalising NEFT24x7 by the Reserve Bank," the RBI said in a statement.

The settlement system began its operations on March 26, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks.

"The average ticket size for RTGS in November 2020 was Rs 57.96 lakh making it a truly large value payment system," the statement said.

"Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems."

"This can also be leveraged to enhance operations of Indian financial markets and cross-border payments."