RBI begins RTGS services from December 14

NEW DELHI, Dec 14: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Sunday said Real Time Gross Settlement (RTGS) facility in the country will become operational from 12.30 am on Monday (December 14).

RTGS is a method of digital fund transfer. With its help, money is transferred in a very short time. RTGS is mainly used for large money transfers. Through this, a minimum of 2 lakh and a maximum of 1 million Indian rupees can be sent and received.

“RTGS facility becomes operational 24X7 from 12.30 am tomorrow. Congratulations to the teams from RBI, Indian Financial Technology and Allied Services (IFTAS) and the service partners who made this possible,” Das tweeted.

“India will be among very few countries globally with a 24 x 7 x 365 large-value real-time payment system. This will facilitate innovations in the large value payments ecosystem and promote ease of doing business,” Das has said in an earlier statement.