RTGS Money Transfer Facility to Be Operational 24X7 from Now on: RBI
New Delhi: In a bid to give a surge to the system of digital transactions or digital payments, the RBI, from today onwards, will allow the transfer of funds through RTGS. The facility will be available round-the-clock.
RBI Governor Shaktikanta Das announced that the RTGS facility will be operational 24X7 from 12:30 AM tonight. As per the RBI, “It has been decided to make RTGS available round-the-clock on all days of the year with effect from 00:30 hours on December 14, 2020”.
RTGS facilitates the inter-bank transfer of funds from the account of the remitter in one bank to the account of the beneficiary maintained with any other bank branch. The minimum amount to be remitted through RTGS is 2 lakhs, while there is no maximum limit.
According to the RBI, “Round-the-clock availability of RTGS will provide extended flexibility to business for effecting payments and will enable the introduction of additional settlement cycles in ancillary payment systems”.
In view of the COVID-19 pandemic and feedback from the stakeholders, the Reserve Bank of India also decided to increase the limit for contactless card transactions to Rs.5,000/- from the previous limit which was Rs.2,000/- at PoS (Point of Sale) terminals from January 1, 2021.