RTGS to be 24X7 from December 14 – Times of India
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MUMBAI: The Reserve Bank of India’s RTGS (real-time gross settlement) system will be operational 24X7 from December 14.
RTGS is used for electronically transferring high-value funds of over Rs 2 lakh between bank accounts instantly.
While instant transfers have been available for an individual account, this is the first time that wholesale fund transfers have been made real-time and India is one of the few countries to have such a system.
RBI governor Shaktikanta Das on Sunday congratulated the teams from the RBI and its IT arm IFTAS and service partners for making this possible.
RTGS is used for electronically transferring high-value funds of over Rs 2 lakh between bank accounts instantly.
While instant transfers have been available for an individual account, this is the first time that wholesale fund transfers have been made real-time and India is one of the few countries to have such a system.
RBI governor Shaktikanta Das on Sunday congratulated the teams from the RBI and its IT arm IFTAS and service partners for making this possible.
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