Real Time Gross Settlement System in India, Know all about RTGS
RTGS facility will be available 24X7 from 12:30 pm 14 December 2020 in India, digital transactions will be a big benefit.
The RTGS (Real Time Gross Settlement System) facility in the country will start functioning from 12.30 pm tonight to 24 hours per day. This will greatly facilitate the people doing digital transactions. With this, India will join the select countries where this facility works day and night. Reserve Bank of India Governor Shaktikanta Das has given this information by tweeting. In his tweet, Das congratulated the teams of RBI, IFTAS and service partners for this achievement.
The RTGS system in India will become a full-time working system from 14 December. The Reserve Bank of India (RBI) had announced in October to make the RTGS system a 24-hour system. Explain that the facility of NEFT is already available 24 * 7.
Real Time Gross Settlement System Records In India Till Now
RTGS is a system used in large-scale electronic transactions. While up to two lakh rupees online transactions can be done from NEFT. RTGS was launched on 26 March 2004. At that time only four banks used to provide payment facility. Currently there are 6.35 lakh transactions daily from RTGS.
Around 237 banks across the country conduct transactions worth Rs 4.17 lakh crore daily through this system. In November, an average transaction of Rs 57.96 lakh was done from RTGS, making it a really useful option for a large amount of transactions.
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