RBI announces date for launch of RTGS 24x7 - (09 Dec 2020)

Banking

Reserve Bank of India announces availability of Real Time Gross Settlement System (RTGS) round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect on December 14, 2020. 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 by the Reserve Bank.

In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis and the system has been operating smoothly since then. The large-value RTGS system is currently available for customers from 7.00 am to 6.00 pm on all working days of a week (except 2nd and 4th Saturdays of the month). To support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India’s efforts to develop international financial centers and to provide wider payment flexibility to domestic corporates and institutions, it has been decided to make available the RTGS system round the clock on all days.

Further, it will support the ongoing efforts aimed at global integration of Indian financial markets. 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. RTGS uses ISO 20022 format which is the best-in-class messaging standard for financial transactions. The feature of positive confirmation for credit to beneficiary accounts is also available in RTGS.

Tags : RTGS 24X7 LAUNCH ANNOUNCEMENT