The Reserve Bank of India (RBI), on Wednesday, said that RTGS (real-time gross settlement) 24x7x365 will be launched with effect from 00:30 hours on December 14.
The central bank, in a statement, said 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 (national electronic funds transfer) 24×7 by the Reserve Bank.
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ₹2 lakh with no upper or maximum ceiling.
The RTGS system is currently available for customers from 7.00 am to 6.00 pm on all working days of a week (except second and fourth Saturdays of the month).
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 ₹4.17-lakh crore across 237 participant banks, the central bank said.
The average ticket size for RTGS in November 2020 was ₹57.96 lakh.
“Round-the-clock availability of RTGS will provide extended flexibility to businesses for effecting payments, and will enable the 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 statement said.