Real Time Gross Settlement System (RTGS) services will be available round the clock effective December 14, the Reserve Bank of India announced today.
The regulator had first announced the decision along with its December monetary policy on October 9 and has announced the launch date now.
With this, India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year, according to the RBI. This comes within a year of operationalising NEFT 24x7.
RTGS, which 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 RBI said.
The average ticket size for RTGS in November 2020 was Rs 57.96 lakh, as per RBI data.
“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,” the central bank said in its statement.