With the aim to make digital transactions easy to adopt, the Reserve Bank of India has issued a circular notifying that transfer of funds through the high-value Real Time Gross Settlement (RTGS) will now be available from 7 am in the morning instead of 8 am from August 26.
“In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7 am,” RBI notification said.
At present, the RTGS System is available for customer transactions from 8 am to 6:00 pm in the evening. For inter-bank transactions it is available from 8 am hours to 7:45 pm.
This is the second such announcement, which looks to make digital payments easy, earlier the apex bank has announced to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) from December.
At present the NEFT facility for digital payments is available for customers from 8 am to 7 pm on all working days with the exception of the second and fourth Saturdays of the month.
The NEFT system is used for fund transfers of up to Rs 2 lakh, and RTGS for those above this threshold.