RBI Extends RTGS Timings By An Hour
Transfer of funds through the high-value Real Time Gross Settlement system will be available from 7 a.m. instead of 8 a.m. from Aug. 26, the Reserve Bank of India said.
At present, the RTGS system is available for customer transactions from 8 a.m. to 6 p.m. and for inter-bank transactions from 8 a.m. till 7:45 p.m.
"In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 a.m.," the RBI said in a notification.
The extended customer transactions timing will be applicable from Aug. 26, it added.
Earlier this month, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer from December this year in order to promote digital transactions.
Currently, the NEFT, a retail payment system, is available for customers from 8 a.m. to 7 p.m. on all working days with the exception of second and fourth Saturdays of a month.
The NEFT system is used for fund transfers of up to Rs 2 lakh, and RTGS for those above this threshold.