RTGS is the fastest and safest way to transfer money in India. Through this, a person can send money from one bank to another within India.
RTGS facility may soon be available in US dollars, euros and pounds. RTGS i.e. Real Time Gross Settlement System is used to transfer money between banks in real time. It is operated by the Reserve Bank of India. Reserve Bank of India Governor Shaktikanta Das said at a program that the central bank is considering expanding the scope of RTGS. This expansion will be achieved through bilateral or multilateral arrangements.
According to him, expanding RTGS to include major trading currencies will accelerate access to more affordable cross-border payments and transfers. Expanded RTGS using major trading currencies will facilitate faster access to less costly cross-border payments and remittances.
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Das said that Central Bank Digital Currency is an area that has the potential to facilitate efficient cross-border payments. Going forward, harmonization of standards will enable CBDCs to address serious financial stability concerns associated with cross-border payments and cryptocurrencies.
Benefits of this payment method
It is a system through which money can be transferred online. RTGS is the fastest and safest means of transferring money in India. Through this, a person can send money from one bank to another within India. It is especially used for transferring amounts more than two lakhs. It has no upper limit. There is no risk of money being stolen or check being forged by sending money through this. Through this you can transfer money within 30 minutes. Once the beneficiary’s account is activated
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