Round the clock RTGS from December 14

Mumbai, December 9

The Real Time Gross Settlement System (RTGS) for high-value transactions will be available round-the-clock on all days from 00:30 hours of December 14, making India one of the few countries to operate the system 24×7.

Large-value payment system

In October, the RBI had announced that RTGS will be available round-the-clock on all days of the year. “Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14, 2020,” the RBI said.

The RBI said India will become one of the few countries in the world to operate its RTGS system round-the-clock throughout the year.

This comes within a year of the RBI operationalising NEFT 24×7. NEFT is the popular mode for small-value transactions.

RTGS, which started on March 26, 2004 with a soft launch involving four banks, currently 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. RTGS uses ISO 20022 format which is the best-in-class messaging standard for financial transactions. The feature of positive confirmation for credit to beneficiary accounts is also available in RTGS. — PTI

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