New Delhi: In a move to facilitate hassle free online fund transfer, the Reserve Bank of India (RBI) has decided to make Real Time Gross Settlement (RTGS) system available round the clock from December 14, 2020.
The RTGS System, which is used for high value transactions, will be available for customers and inter-bank transactions round the clock, except for the interval between ‘end-of-day’ and ‘start-of-day’ processes from December 14.
The NEFT System of payments is already available round the clock.
As per RBI, RTGS shall continue to be governed by the RTGS System Regulations, 2013, as amended from time to time. Intra-Day Liquidity (IDL) facility shall be made available to facilitate smooth operations. The Intra-Day Liquidity (IDL) availed, if any, shall be reversed before the ‘end-of-day’ process begins, RBI said in a statement.
Apart from this, the RBI has proposed to allow settlement files of payment systems viz., AePS, IMPS, NETC, NFS, RuPay, UPI to be posted to the apex bank on all days of the year.
The measure will reduce build-up of settlement and default risks and enable better management of funds by member banks. It will also enhance overall efficiency of the payments ecosystem.
Presently, the facility of posting settlement files of payment systems, operated by authorised payment system operators, to the Reserve Bank is available only on RTGS working days.
With round the clock availability of eKuber (core banking system of RBI) and RTGS (to be operationalised soon), it is proposed to allow settlement files of payment systems on all days of the year, the RBI said in a statement.
This will facilitate innovations in the large value payments ecosystem and promote ease of doing business, RBI added.
RTGS facility is mostly used for high-value transactions.
PNN/IANS
