RTGS money transfer to be available 24×7 from December 14

The Real Time Gross Settlement System (RTGS) will be available 24×7 from December 14. This was announced by the Reserve Bank of India.

“India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year. Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable 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”, said a statement issued by RBI.

The RBI’s decision to operationalise the service 24×7 was recently announced after a Monetary Policy Committee (MPC) meeting. Earlier, RBI has made National Electronic Fund Transfer (NEFT) operational 24×7.