Mumbai: The Reserve Bank of India has decided to extend the usage timings for ‘Real Time Gross Settlement’ (RTGS) system from June 1. A notification to this effect was issued Tuesday.
RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. However, the system does not works on a 24-hour basis. The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 pm on a working day, for settlement at the RBI’s end. “It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4.30 p.m. to 6 pm.
“The time-varying charges for transactions in RTGS from 13:00 hours (1 pm) to 1800 hours (6 pm) shall be Rs 5 per outward transaction,” it said.
—ians
