The Live Nagpur
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary

The Live Nagpur

  • Home
  • City
  • Politics
  • Business
  • Education
  • Entertainment
  • Sports
  • Health
  • Crime
  • Forest
  • Featured
  • Vidarbha
Nation

Move to encourage digital payments, RTGS money transfer to be operational 24X7 from today

by TLN Team December 14, 2020
written by TLN Team December 14, 2020
Move to encourage digital payments, RTGS money transfer to be operational 24X7 from today

The Reserve Bank of India (RBI) Governor Shaktikanta Das said on Sunday that Real Time Gross Settlement (RTGS) facility in the country will become operational from 12.30 am on Monday (December 14). This move by the central bank comes within a year of operationalising the National Electronics Funds Transfer (NEFT) on a 24×7 basis.RTGS facility becomes operational 24X7 from 12.30 am tomorrow. Congratulations to the teams from RBI, Indian Financial Technology and Allied Services (IFTAS) and the service partners who made this possible.

The RTGS system is meant for high-value transactions, on a real-time basis. The minimum amount that can be remitted through RTGS is ₹ 2 lakh and there is no maximum limit. The beneficiary bank receives instructions to transfer the funds immediately after the transaction is carried out, and the transfer is instantaneous. On the other hand, NEFT handles fund transfers up to ₹ 2 lakh and such transactions are usually executed in a couple of hours.RTGS, which is meant for high-value instant fund transfers, is currently available on all working days of the week except the second and fourth Saturdays, between 7.00 am to 6.00 pm.

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.

0 comment
FacebookTwitterLinkedin
TLN Team

previous post
JCI Nagpur and Walltex to conduct Grandeur Award Night for Interior Designers on Dec 26
next post
After a long wait, NMC commences cleaning of Yashwant Stadium

You may also like

Chennai flood: Aamir Khan, Vishnu Vishal rescued after...

December 5, 2023

Kolkata safest city in India, for the third...

December 5, 2023

Trains coming from south canceled due to the...

December 5, 2023

CID fame Fredrick alas Dinesh Phadnis left the...

December 5, 2023

Sensex surges over 200 points; Nifty crosses 20,700-mark

December 5, 2023

Fresh violence in Manipur, 13 dead

December 4, 2023

Two pilots killed in training aircraft crash in...

December 4, 2023

Trains cancelled due to cyclone Michoung

December 4, 2023

BJP wins three states, Congress one

December 3, 2023

Set up PM Modi selfie points in colleges,...

December 3, 2023

Trending News

  • Trains coming from south canceled due to the cyclone

    December 5, 2023
  • Election Results 2023: MP, Rajasthan,Telangana & Chhattisgarh

    December 3, 2023
  • Establish India as knowledge hub for the world: Droupadi Murmu

    December 2, 2023
  • Russian Supreme Court bans LGBT movement

    December 1, 2023
  • Israel-Hamas war starts again, IDF alleged violation of ceasefire by Hamas

    December 1, 2023

Important Links

  • Politics
  • Crime
  • Business
  • Education
  • Entertainment
  • Sports

Available on Playstore & Coming Soon on Appstore

Sign-Up Form

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Footer Logo
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary
  • Privacy Policy
  • Cookie Policy
  • Terms Of Use
  • Advertise with Us

© 2020 - The Live Nagpur . All Rights Reserved.