RBI extends timings for RTGS transactions from 4:30 pm to 6 pm
Rs 112 lakh crore worth of transactions were processed using RTGS in April 2019.
The Reserve Bank of India on Tuesday issued a notification extending the timings for fund transfer through RTGS system from 4.30 pm to 6 pm, effective from June 1.
Under the Real Time Gross Settlement system, transactions take place in real-time, without any waiting period, individually on a transaction by transaction basis, without net settlements. The system helps in making large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling.
Rs 112 lakh crore worth of transactions under RTGS system were processed in April 2019, Moneycontrol reported citing RBI figures.
As per rules, the customer is charged a “time-varying charge” on each outward transaction in addition to the processing charge. The RBI said the fee for transfers between 8 am and 11 am is nil, between 11 am to 1 pm is Rs 2, and from 1 pm to 6 pm will be Rs 5. After 6 pm, these charges will be Rs 10.