The Reserve Bank of India vide its notification dated 4th December 2020 has announced that the Real Time Gross Settlement System (RTGS) facility will be made available round the clock on all days from December 14.
Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems. This can also be leveraged to enhance operations of Indian financial markets and cross-border payments.
The RTGS system is primarily meant for high-value transactions. It happens on a real-time basis. The minimum amount to be remitted through RTGS is Rs 2 lakh with no maximum limit.
