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    RBI changed these rules, now do 24 × 7 money transfer through RTGS

    published on: 21/11/2020 9:09 AM

    new Delhi. A lot is changing this year. The banking sector is also not untouched by this. However, this change is positive, in which the Reserve Bank of India (RBI) has decided to make real-time gross settlement (RTGS) available 24x7x365.

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    Photo by energepic.com on Pexels.com

    new Delhi. A lot is changing this year. The banking sector is also not untouched by this. However, this change is positive, in which the Reserve Bank of India (RBI) has decided to make real-time gross settlement (RTGS) available 24x7x365. Now you will be able to transfer money round the clock through RTGS.

    What is the system now?

    Currently, the RTGS system is available from 7 am to 6 pm on all working days of the week except the second and fourth Saturdays of the month. But now 24 × 7 can be availed of this facility. NEFT service started getting 24 hours from last year itself. In December last year, the National Electronic Fund Transfer (NEFT) system was implemented in 24×7 mode.

    What did the RBI say?

    Decided to support ongoing work to support the goal of global integration of Indian financial markets, efforts to develop India’s international financial centers, and to provide large-scale payment flexibility for domestic corporates and institutions has gone.

    RTGS service is of great use

    Fund transfer can be done instantly through RTGS is Real Time Gross Settlement. It is used in large transactions. The amount cannot be transferred below Rs 2 lakh through RTGS. It can be used both online and through bank branches. There is also no fund transfer fee. But in the branch, there will be a fee for transferring funds from RTGS.

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