RTGS Funds Transfer to be made Round the Clock from December:- Shakthikanta Das, the Governor of RBI told that the RTGS system of funds transfer will be available to use round the clock starting from December. The minimum transfer amount using RTGS is said to be Rs 2 lakhs and the facility is currently available during the working hours of the banks. There are two systems of Inter Bank Transfers: RTGS (real-time gross settlement), NEFT and both these systems are maintained by the Reserve Bank of India. The beneficiary bank branch received the funds immediately in the RTGS system and they are transferred to the account within two hours.
In a statement, RBI said "In December 2019, the RBI made available the National Electronic Funds Transfer (NEFT) system on a 24x7x365 basis and the system has been operating smoothly since then. In order to facilitate swift and seamless payments in real-time for domestic businesses and institutions, it has been decided to make available the RTGS system round the clock on all days from December 2020,". Shakthikanta Das said that India is one of the few countries that will have a 24*7*365 real-time payment system available. This will promote large value payments and the business would turn easier. RBI even made NEFT 24*7 from last year. IMPS is a real-time payment service available even on holidays with an upper limit on transactions of Rs 2 lakh.