Published On: Wed, May 29th, 2019

RBI to extend RTGS deadline to 6 pm from June 1

Mumbai: The Reserve Bank of India has decided to extend the usage timings for ‘Real Time Gross Settlement’ (RTGS) system from June 1.

A notification to this effect was issued on Tuesday

A notification to this effect was issued on Tuesday.

RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis.

However, the system does not works on a 24-hour basis.

The current RTGS service window for customer transactions is available to banks from 8 am to 4.30 pm on a working day, for settlement at the RBI’s end.

“It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4.30 pm to 6 pm.

“The time-varying charges for transactions in RTGS from 13:00 hours (1 pm) to 18:00 hours (6 pm) shall be Rs 5 per outward transaction,” it said.

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