RTGS Service: RTGS (Real Time Gross Settlement System) facility has started 24 hours across the country from today. Now you can transfer large amount anytime from home. RBI has implemented this facility for 24×7 from today. With this inception, India has now joined select countries where the facility works day and night. In fact, digital transactions have received a lot of boost in the recent past due to the digitization campaign by the central government. In this tour of corona virus epidemic, most people have resorted to digital transactions.
RTGS facility becomes operational 24X7 from 12.30 pm tonight. Congratulations to the teams from RBI, IFTAS and the service partners who made this possible.
— Shaktikanta Das (@DasShaktikanta) December 13, 2020
Let us know that 16 years ago in March 2004 RTGS service was started with only 3 banks and now 237 banks have been connected with this service. RTGS you can do instant money transfer by going to bank branch or sitting at home.
RTGS money transfer service to be operational 24X7 from Monday: Know limits, charges
Earlier in October, the Central Bank had talked about making the RTGS system a 24-hour system. There are many options to transfer money from one bank to another bank account. The most popular among these are RTGS, NEFT and IMPS. Earlier in December last year, NEFT was also started for 24 hours. RTGS is a system used for electronic transaction of large amount, whereas only online transaction up to Rs 2 lakh can be done from NEFT. RTGS was launched on 26 March 2004. There is no fund transfer fee in RTGS. But there will be a fee for transferring funds from RTGS to the branch.
