Mumbai: The Reserve Bank on Wednesday said that the Real Time Gross Settlement System’ (RTGS) will be made available round the clock from 12.30 am tonight.
India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year.
RTGS (Real-Time Gross Settlement) facility becomes operational 24X7 from 12:30 am tonight, tweeted RBI Governor Shaktikanta Das.
RTGS facility becomes operational 24X7 from 12.30 pm tonight. Congratulations to the teams from RBI, IFTAS and the service partners who made this possible.
— Shaktikanta Das (@DasShaktikanta) December 13, 2020
“This comes within a year of operationalising NEFT24x7 by the Reserve Bank,” the RBI said in a statement.
The settlement system 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 Rs 4.17 lakh crore across 237 participant banks.
“The average ticket size for RTGS in November 2020 was Rs 57.96 lakh making it a truly large value payment system,” the statement said.
“Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable 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.”
(with inputs from IANS)
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