RBI Extends RTGS Timings By An Hour
Customers wait to exchange Indian five hundred and one thousand rupee banknotes at a Syndicate Bank branch in Dadri, Uttar Pradesh, India (Photographer: Anindito Mukherjee/Bloomberg)

RBI Extends RTGS Timings By An Hour

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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.

Also read: RBI Allows Customers To Automatically Pay Bills Through Cards, Wallets

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