Real-Time Gross Settlement System (RTGS) for high-value transactions is now available round-the-clock on all days from 00:30 hours today, i.e December 14, making India one of the few countries to operate the system 24×7.RTGS (Real-Time Gross Settlement) facility becomes operational 24X7 from 12:30 am tonight, said RBI Governor Shaktikanta Das on Sunday. In October, the RBI had announced that RTGS will be available round-the-clock on all days of the year.The RBI said India will become one of the few countries in the world to operate its RTGS system round-the-clock throughout the year. This comes within a year of the Reserve Bank of India (RBI) operationalizing NEFT 24×7. NEFT is the popular mode for small-value transactions.
Currently, the RTGS transaction facility is available for customers from 7.00 am to 6.00 pm on all working days of a week, except the second and fourth Saturdays of every month.RBI Governor Shaktikanta Das had earlier said that with 24X7 RTGS system, "it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier."It is to be noted that RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country.RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh.