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RBI extends RTGS timing till 6pm for general public

MUMBAI: Timings for fund switch through RTGS have been prolonged by means of one-and-a-half hours to 6pm for most of the people from June 1, the Reserve Bank of India said on Tuesday.

Under Real Time Gross Settlement (RTGS) System, there's a continuous and real-time settlement of fund-transfers, in my view on a transaction by means of transaction foundation (without netting).

The RTGS system is essentially meant for enormous value transactions. The minimum quantity to be remitted through RTGS is Rs 2 lakh without a upper or most ceiling.

"It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm," the RBI said in a notification.

The prolonged window for RTGS will probably be acceptable from June 1.

Besides, National Electronic Funds Transfer (NEFT) is another widespread type of fund switch. There is not any limit for the minimum/most for fund switch. However, NEFT operates in hourly batches. Currently, India's greatest financial institution SBI supplies 12 settlements from eight am to 7 pm on weekdays and 5 settlements from eight am to at least one pm on Saturdays.

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