RTGS Payment System To Be Available 24x7 From Monday:- The Reserve Bank of India today announced that the Real Time Gross Settlement System (RTGS) which is used to transfer funds online will be available 24*7 from December 14th. The system will be available round the clock throughout the year. The announcement about RTGS being available round the clock was announced at a Monetary Policy Committee meeting. India will now emerge as one of the few countries which will have RTGS system working round the clock all around the year. National Electronic Fund Transfer (NEFT) was made available round the clock by the RBI a year ago.
RBI issued a statement saying "Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable the introduction of additional settlement cycles in ancillary payment systems. This can also be leveraged to enhance operations of Indian financial markets and cross-border payments". The RTGS system has no cap of funds transfer and the settlement takes place in the books of the RBI. The RTGS system window is currently available from 7 AM to 6 PM on working days. The timings for the fund transfer may vary from bank to bank.