Reserve Bank of India Governor Shaktikant Das has announced after the monetary policy review meeting on Friday that the real time gross settlement (RTGS) facility in the country will be made available 24 hours from December 2020. RTGS is a major service for online fund transfer. Earlier, RBI has instructed all banks to make free online payments made through NEFT and RTGS to savings account holders.
Currently RTGS service is available from 7 AM to 6 PM. Currently RTGS service does not run on holiday but this service will be available from December also on holiday. RTGS service is used for large transactions through online banking. Transactions of at least Rs 2 lakh can be done through RTGS service, there is no limit for maximum transaction.
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