RTGS Services To Be Available 24X7 From Tonight
New Delhi: The Real-Time Gross Settlement System (RTGS) for high-value transactions is now available round-the-clock on all days from 00:30 hours today.
RTGS (Real-Time Gross Settlement) facility becomes operational 24X7 from 12:30 am tonight, said RBI Governor Shaktikanta Das on Sunday.
India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year. This comes within a year of operationalising NEFT 24×7, RBI said in a statement.
RTGS, which began its operations on March 26, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks.
The average ticket size for RTGS in November 2020 was Rs 57.96 lakh making it a truly large value payment system.
RTGS uses ISO 20022 format which is the best-in-class messaging standard for financial transactions. The feature of positive confirmation for credit to beneficiary accounts is also available in RTGS.
“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 RBI had said.
Earlier, the RBI had decided not to levy charges on transactions through NEFT and RTGS in order to promote digital transactions, and had asked banks to pass on the benefits to customers.