RTGS to be available 24*7 from midnight

Mumbai, 13/12: Real-Time Gross Investment will be available in India 24*7 from Sunday midnight onwards.

In a release, the Reserve Bank of India stated that the RTGS has come into operation within a year of operationalizing NEFT 24×7. RBI Governor Shakti Kant Das congratulated the teams from RBI, IFTAS, and the service partners who made this possible. The RTGS service window for customer transactions has been available to banks for settlement at the RBI end from 7 am to 6 pm on a working day so far. In October, the RBI had announced that the system will be available 24×7 from December.

The RTGS will continue to be governed by the RTGS System Regulations, 2013, as amended from time to time. Intra-Day Liquidity (IDL) facility will be made available to facilitate smooth operations. The Intra-Day Liquidity (IDL) availed, if any, shall be reversed before the ‘end-of-day’ process begins, the release stated.

What is RTGS?

The term real-time gross settlement (RTGS) refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities. RGTS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank. Once completed, real-time gross settlement payments are final and irrevocable. In most countries, the systems are managed and run by their central banks.