Reserve Bank of India added one more step towards promoting digital payments by allowing Real Time Gross Settlement (RTGS) facility round-the-clock from 1 December 2020. RTGS transactions are used for high value money transfer above 2 lakh. RTGS fund transfer happens on a real-time basis. Every transaction is settled individually in the case of RTGS.
As of now, RTGS facility is available for customers from 7.00 am. to 6.00 pm. on all working days of the week, except the second and fourth Saturdays of every month.
"With this, India will be one of the very few countries globally with a 24x7x365 large value real-time payment system", RBI Governor Shaktikanta Das said.
RBI had already made the National Electronic Fund Transfer (NEFT) facility available for customers 24x7 from 16 December 2019.
Besides, the Immediate Payment Service (IMPS) is also available 24x7.