RBI extends operating hours for digital transactions via RTGS

Must Read

How to choose an effective DDoS mitigation plan

There are several flavours from which to choose when selecting an effective DDoS mitigation strategy. Most enterprises opt for one of the protection flavours (always-on or on-demand)

How tech bolster security of online gaming platforms

The rise of online gaming and is evident throughout the world’s financial capitals with the UK, US, and a few other European nations at the forefront

Explained: The evolving nature of cybersecurity threats

Concerns such as hacking and the presence of computer viruses have existed for decades in one form or another. As technology evolved over the years, so did the   threats themselves.

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 () 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,” 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 () 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.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

Sapience Analytics signs distribution agreement with Redington

Sapience Analytics and Redington said that they have entered into a distribution agreement where latter will resell the Sapience Vue solution through its network of over 30,000 channel partners, system integrators, and value-added resellers countrywide.
- Advertisement -SAP Hana

Related Articles