RTGS can be done from 7am to 7pm on August 1st

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Mumbai, Ta. August 22, 2019, Thursday

From August 1, transfer of high value funds through RTGS system can be done from 7am to 7pm. Currently the RTGS system is available from 8am to 6pm.

It has been decided to extend its working hours to increase the availability of the RTGS system, the Reserve Bank said.

The convenience of transferring money through the National Electronic Funds Transfer (NEFT) is set to be available around the clock 24 hours a day for every bank member. Currently, funds can be transferred from 7am to 7pm on working days via NEFT.

In addition, the Reserve Bank plans to make the NEFT system available 24 hours from next December. This is expected to revolutionize the retail payments system in the country. This decision has been made in accordance with RBI's Payments Settlement Vision of 5 to 9.

Under this vision, RBI intends to make the first NEFT and RTGS transfers available to all customers on a 24-hour and free basis basis.


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