RTGS payments to become 24x7 from December: All you need to know
India TodayReserve Bank of India Governor Shaktikanta Das on Friday announced that the large-value Real Times Gross Settlement System system for payments will be available round the clock or 24x7 from December 10, 2020. Here is all you need to know about RTGS payments: 1) The RTGS system is primarily for large value transactions and it has no upper payment cap. In both NEFT and EFT, transactions are settled in batches unlike RTGS payments, where transactions are processed continuously throughout the RTGS business hours. The person making the RTGS payment has to mention the account to be remitted, his/her account which is to be debited, name of the beneficiary bank, name and account number of the beneficiary customer and the IFSC code of the receiving branch.