Real-time gross settlement | Do you trade heavily? Mostly Money Transfer? Reserve Bank of India-RBI says good news. Find out how much the RBI decision will benefit you.
1. Good news for money transfers. The Reserve Bank of India-RBI has decided to make Real Time Gross Settlement-RTGS services available to customers 24 hours a day. From December, RTGS payment services will be available 24 hours a day.
2. Reserve Bank of India-RBI Governor Shaktikanta Das announced the decision at a meeting of the RBI Monetary Policy Committee. He said the decision was made to expedite payments.
3. Currently RTGS services are available from 7 a.m. to 6 p.m. Earlier, the RTGS payment service was scheduled to start at 8 am. But a few days ago, the RBI allotted an extra hour. RTGS services started from August 26 at 7 am.
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4. Earlier RTGS services ended at 4.30 pm. The RBI also extended this time by an hour and a half. With this, RTGS payments are being made till 6 pm. Interbank transactions take place until 7:45 pm.
5. Currently RTGS services are available for only 11 hours a day. However, the evening has expired and there is a situation where you have to wait till the next day to make the payment. This is causing difficulties in terms of transactions.
6. RBI has recently decided to make RTGS services available 24 hours a day to make it more convenient for customers to make payments. Get RTGS services 24 hours a day from December.
7. There are usually four ways to send a double to someone through an account. This includes sending money through Unified Payment Interface-UPI, National Electronic Fund Transfer-NEFT, Real Time Gross Settlement-RTGS, Immediate Payment Service-IMPS.
8. Unified Payment Interface- UPI has a limit for transferring money. If the money is transferred through Neft, it will go to the other person’s account in a settlement manner. It also transfers money only during bank hours.
9. Money can be transferred immediately through IMPS. There is a charge for this. Real time gross settlement-RTGS can be used to transfer large sums of money. Anything from Rs 2 lakh can be transferred through RTGS.
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