There’s good news floating in the air for those who use the RTGS Payments method of transaction heavily. The reason being that instead of a limited time availability which was from 8 AM to a maximum of 6:30 PM on a working day, now the RTGS transactions are available 24X7 on all 365 days.
The news has been broken by the RBI’s governor Shaktikanta Das on Sunday stating that the RTGS will be changing operational timings starting this Monday.
Now, RTGS is a term used for Real-Time Gross Settlements which are instant bank transactions of more than 2 Lakh Rupees. They are mostly required for big business dealings and are used by people as such. The average amount that RTGS is used for is set to 57.97 lakhs.
RTGS facility becomes operational 24X7 from 12.30 pm tonight. Congratulations to the teams from RBI, IFTAS and the service partners who made this possible.
— Shaktikanta Das (@DasShaktikanta) December 13, 2020
With this inclusion, India becomes one of the few countries to have this kind of smooth online transactions for big funds globally. If you’re someone who keeps one eye on news on a daily basis then you must know that recently, Bill Gates also appreciated India’s digital payment practices and said that the world should soon adopt it.ALSO READ: Lock Your Aadhaar Card by Following These Simple Steps to Prevent Its Misuse
Now, in the current scenario, the RTGS handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore which is a huge number. Also, RTGS uses the strongest and best in class messaging methods for online transactions. This is why they are quite secure and no amount can be erased from the system.
RBI had last week said, “Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable the introduction of additional settlement cycles in ancillary payment systems. This can also be leveraged to enhance operations of Indian financial markets and cross-border payments.”