The facility of real-time gross settlement system (RTGS) required for sending more than two lakh rupees. Now available for 24 hours. In a tweet, Reserve Bank of India (RBI) Governor Shaktikanta Das said that the facility will be operational from 12:30 pm on Sunday-Monday.
This will save time in large business transactions. India has also joined the group of some countries that provide 24-hour RTGS facilities. The RBI announced the facility in October, For Less than two lakh rupees the banks provide NEFT facility for funds, and RTGS for large amount transactions is used.
The 24-hour NEFT facility has already been started. The charges levied on these facilities have also been removed to promote digital payments in the country. On average, 6.35 lakh transactions are done every day through RTGS in the country. On average, Rs 4.17 lakh crore is transferred daily through them.