The Reserve Bank of India (RBI) on 15 December 2014 increased RTGS (real time gross settlement) business hours from 7.30 hours to 12 hours. With this, now the business hours for RTGS will be 8 am to 8 pm on weekdays as against the earlier 9 am to 4.30 pm.
Further on Saturdays, the RTGS business hours has been increased from earlier 5 hours to 7.30 hours, that is, now a consumer will be able to transfer fund online between 8 am to 3.30 pm as against the earlier timings of 9 am to 2 pm.
The decision will promote electronic payments and it will be effective from 29 December 2014.
In 2013, RBI launched RTGS system, to keep enhancing the systems and procedures to meet the growing needs of markets or customers, and to cater to the expanding volume and to provide liquidity.
The current minimum amount that can be transferred through RTGS channel is 2 lakh rupees. The amount below 2 lakh rupees can also be transferred online via NEFT (National Electronic Fund Transfer).
The RBI revised the RTGS business hours to meet the market expectation. There has been demand for extending business hours of the RTGS system to facilitate customer and inter-bank transactions and also to facilitate other market obligations to settle in the RTGS system.
When: 15 December 2014