Online bank transactions: RTGS to be available round-the-clock from December 2020
India TodayThe Reserve Bank of India in October 2020, had announced that Real Time Gross Settlement System, used for large value transactions, will be made available round-the-clock and this rule will be implemented from December 1, 2020. Announcing the bi-monthly RBI Monetary Policy decision, the RBI Governor Shaktikanta Das stated, prospects will get round the clock availability of the Actual Time Gross Settlement System. To support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India's efforts to develop international financial centers, and to provide wider payment flexibility to domestic corporates and institutions, it has been decided to make available the RTGS system round the clock on all days. The term real-time gross settlement refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities.