RBI today announced that the Real Time Gross Settlement System (RTGS) will be operational 24x7, all throughout the year from 14 December, 2020. Under the current rules, the transfers can be made between 7 AM to 6 PM on all working days and between working hours.

Just a year back on 16 December, 2019, RBI had made NEFT facility available 24x7.
“India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year,” the central bank said in a statement.

The announcement comes days after RBI governor Shaktikanta Das made an announcement about this change in the recently held Monetary Policy Committee meeting.

Primarily meant for high-value transactions, RTGS system happens on real-time basis. The minimum amount to be remitted through RTGS is Rs.2 lakh and has no maximum limit.

The 24x7 feasibility to transact through RTGS will boost the country’s digital payment ecosystem and will provide extended flexibility to businesses for effecting payments. This will enable introduction of additional settlement cycles in ancillary payment systems.