New Delhi: The Reserve Bank of India has decided to extend the usage timings for `Real Time Gross Settlement` (RTGS) system from June 1.
Issuing a notification to this effect, RBI said, “It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.”
Here is the new RTGS time window June 01, 2019
RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis.
However, the system does not works on a 24-hour basis.
RBI furhter said that the time-varying charges for transactions in RTGS from 1 pm to to 6 pm shall be Rs 5 per outward transaction.
Here is the time varying charges structure:
The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI`s end.