“The RTGS facilities will be operational 24/7 starting at 12:30 am tomorrow. Congratulations to the RBI, Indian Financial Technology and Allied Services (IFTAS) teams and the service partners who did this. possible, “Das tweeted.
“India will be one of the few countries in the world with a 24x7x365 high-value real-time payment system. This will facilitate innovations in the high-value payments ecosystem and promote ease of doing business,” Das said in a previous statement. .
The RTGS facility will be operational 24×7 starting at 12:30 pm tonight. Congratulations to the RBI, IFTAS teams and the… https://t.co/HD8B5i99Qa
– Shaktikanta Das (@DasShaktikanta) 1607841357000
In October, the RBI had announced that RTGS would be available 24 hours a day, every day of the year. This is everything you need to know about the LBTR installation:
- RTGS on the 24x7x365 facility occurs within one year of RBI putting NEFT 24×7 into operation. NEFT is a popular mode for small value transactions.
- RTGS, which began operations on March 26, 2004 with a soft launch involving four banks, currently handles 6.35 lakh transactions daily worth Rs 4.17 lakh crore at 237 participating banks.
- The average ticket size for RTGS in November 2020 was Rs 57.96 lakh, making it a great value payment system.
- RTGS uses the ISO 20022 format, which is the best-in-class messaging standard for financial transactions. The positive confirmation function for the credit to payees accounts is also available in LBTR.
- The RBI used to impose minimal charges on banks for transactions routed through RTGS and NEFT. The banks, in turn, charged their customers.
- RTGS is designed for high value instant fund transfers, while NEFT is used for fund transfers up to Rs 2 lakh.
RBI had said last week: “The availability of RTGS 24 hours a day will give companies greater flexibility to make payments and allow the introduction of additional settlement cycles in ancillary payment systems. This can also be leveraged to improve payments. Indian Financial Market Operations and Border Payments “.
Previously, RBI had decided not to impose fees on transactions through NEFT and Gross settlement in real time (LBTR) to promote digital transactions in the country, and asked banks to pass the benefits on to customers.
(with contributions from agencies)