Mumbai, May 29: In order to facilitate high-value fund transfers, it has been decided to extend timings for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to 06 PM. In the announcement on Tuesday, the Reserve Bank of India (RBI) said that new timing will be effective from 1st June.
This follows a robust year-on-year increase in the number of transactions by 8 per cent to ₹1,335 crore in March 2019. The aggregate amount of transactions rose 12 per cent year-on-year to ₹1,255.51 crore.
The RTGS is an online fund transfer system, supported by the RBI, which enables money transaction on a real-time basis.
The minimum amount for the transaction under this system is Rs 2 lakh. There is no upper limit on the value of funds that can be transferred via the RTGS system.
The RBI said the time-varying charges for transactions in RTGS from 1 pm to 6 pm (1 pm to 4.30 pm earlier) shall be ₹5 per outward transaction. After 6 pm (4.30 pm earlier), these charges will be ₹10.