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    RBI plans to make RTGS facility available 24X7: Report

    RBI plans to make RTGS facility available 24X7: Report

    RBI plans to make RTGS facility available 24X7: Report
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    By CNBC-TV18  IST (Published)

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    The central bank has already made National Electronic Funds Transfer (NEFT) facility available 24x7 and also waived off its fees for clearing NEFT transactions, and for outward transactions using RTGS.

    The Reserve Bank of India (RBI) is planning to make its real-time gross settlement (RTGS) system become available round the clock, Business Standard reported.
    The central bank has already made National Electronic Funds Transfer (NEFT) facility available 24x7 and also waived off its fees for clearing NEFT transactions, and for outward transactions using RTGS.
    The newspaper report quoted sources saying that this could become a reality in a month or two.
    RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh.
    As of November, 229 banks, including scheduled commercial and cooperative banks, were offering this service with total value of transactions reaching Rs 86.8 trillion in November, the report added.
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