The RBI announced on Sunday that the 24X7 RTGS transaction facility will begin at 12:30 am on December 14.
The LBTR transaction facility will be available 24 hours a day beginning December 14.
In an attempt to boost digital payments, the Reserve Bank of India (RBI) announced the 24X7 Real Time Gross Settlement (LBTR) facility, used for high value transactions, starting on December 14. RBI Governor Shaktikanta Das announced that the facility would be operational 24×7 starting at 12:30 am tonight.
The RBI had also announced a series of measures, including improving the limit for contactless card transactions to 5,000 rupees. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available 24 hours a day, 7 days a week, 365 days a year.
Shaktikanta Das said: “The RTGS facility will be operational 24/7 starting at 12.30 tonight. Congratulations to the RBI, IFTAS teams and the service partners who made this possible.”
The RTGS (Real Time Gross Settlement) facility starts operating 24 hours a day, 7 days a week starting at 12:30 am tonight: RBI Governor Shaktikanta Das
(file photo) pic.twitter.com/pJaxgmh978
– ANI (@ANI) December 13, 2020
Currently, the LBTR transaction service is available to customers from 7:00 a.m. M. At 6:00 p. M. All working days of the week, except the second and fourth Saturday of each month.
RBI Governor Shaktikanta Das had previously said that with the 24X7 RTGS system, “it is proposed to reduce the risk of settlement and default in the system by facilitating the settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions all days of the week instead of five days before. “
It should be noted that RBI stopped charging for transactions through NEFT and RTGS as of July 2019, with the aim of promoting digital transactions in the country.
RTGS is designed for high value instant fund transfers, while NEFT is used for fund transfers up to Rs 2 lakh.
(With PTI inputs)