RTGS Facility To Be Available 24X7 From Tonight; Click For Latest Updates

Bhubaneswar: The Real Time Gross Settlement System (RTGS) will be available round the clock on all days from December 14.

The Reserve Bank Of India (RBI) Governor Shakti Kant Das informed that, “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.”

India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year. This comes within a year of operationalising NEFT 24x7, RBI said in a statement.

RTGS, which began its operations on March 26, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks.

The average ticket size for RTGS in November 2020 was Rs 57.96 lakh making it a truly large value payment system.

As per RBI, RTGS shall continue to be governed by the RTGS System Regulations, 2013, as amended from time to time. Intra-Day Liquidity (IDL) facility shall be made available to facilitate smooth operations. The Intra-Day Liquidity (IDL) availed, if any, shall be reversed before the ‘end-of-day’ process begins.

Apart from this, the RBI has proposed to allow settlement files of payment systems viz., AePS, IMPS, NETC, NFS, RuPay, UPI to be posted to the apex bank on all days of the year.

With this significant development, India will now be among select-few countries globally with a 24x7x365 large value real time payment system. This will encourage innovations in the large value payments ecosystem and further promote ease-of-doing business.

— Dharmendra Pradhan (@dpradhanbjp) December 13, 2020