RTGS: Rule of online transaction is going to change from December, now you will get this service round the clock

After making the NEFT system available for 24 hours in December 2019, the RBI has now changed the rules related to RTGS. Funds are received in RTGS after some time i.e. money is immediately transferred from one account to another. Money is transferred on a real-time basis.

25th November, 2020

RBI Online Transaction RTGS: If you use an online banking service, then there is good news for you. A rule related to online transactions is going to change from next month i.e. December. The Reserve Bank of India (RBI) has decided to provide RTGS i.e. Real Time Gross Settlement System service round the clock to promote digital transactions. From December 2020, customers will start benefiting from this under this new system.

In fact, after making the NEFT system available for 24 hours in December 2019, the RBI has now changed the rules related to RTGS. Funds are received in RTGS after some time i.e. money is immediately transferred from one account to another. Money is transferred on a real-time basis.

How RTGS works

Explain that a real-time gross settlement system i.e. RTGS is used to make big transactions in banks. For this, the minimum transfer amount has been fixed up to two lakh rupees, while there is no limit on the maximum amount. Funds cannot be transferred from one account to another through the same bank. Large amounts are transferred from one bank account to another bank account through RTGS. Apart from RTGS, customers using online banking services can also transact money through the internet and mobile banking through NEFT and IMPS payment modes.

Online and digital transactions increased during the lockdown

Due to the spread of the Coronavirus epidemic in the country, there has been an increase in online transactions during the first three months of lockdown implemented in the country. In such a situation, the RBI has also decided to make RTGS available round the clock to promote online and digital transactions. With this, the customers of the bank will be able to transact large amounts of money round the clock from December.

Category: Business

#RBIOnlineTransactionRTGS

Reported by:
Puja Jha