RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000
4 years ago

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000

Live Mint  

MUMBAI: Customers will soon be able to transfer funds through real-time gross settlement will be available round-the-clock in the next few days, Reserve Bank of India governor Shaktikanta Das said on Friday. Real time means the processing of instructions at the time they are received and gross settlement implies that settlement of funds transfer instructions occurs individually. RBI had allowed transfer of funds via National Electronic Funds Transfer system on a 24x7x365 basis from December 2019. That apart, the central bank has also decided to increase the limit for contactless card transactions and recurring payment mandates through cards and unified payments interface to ₹5,000 from ₹2,000 earlier.

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History of this topic

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS
1 year, 6 months ago

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS

Live Mint  

The Reserve Bank of India's proposed lightweight payment and settlement system will introduce a paradigm shift in the Indian payment landscape. The need for lightweight payment and settlement system The central bank said that this payment system can be operated from anywhere by a bare minimum staff in order to be prepared to face extreme situations such as natural calamities …

RBI modifies NEFT, RTGS systems to accommodate FCRA transactions
1 year, 10 months ago

RBI modifies NEFT, RTGS systems to accommodate FCRA transactions

India TV News  

The Reserve Bank of India has introduced new changes in NEFT and RTGS systems for Foreign Contribution Act related transactions. Contributions to the FCRA are received directly from foreign banks through SWIFT and through Indian intermediary banks through the NEFT and RTGS systems. The RBI has asked banks to make necessary changes in their core banking/middleware solutions to capture the …

How RTGS and NEFT has changed digital payment scenario in India
2 years, 3 months ago

How RTGS and NEFT has changed digital payment scenario in India

Firstpost  

India has made astounding progress in the payment ecosystem and has outrun the rest of the nations in terms of volume, value and the real-time nature of payments Automation, digitalisation and information technology have completely transformed the world’s industries and enterprises. The Reserve Bank of India has been patronizing the largest clearing and settlement system in the globe and reaped …

What is NEFT: Its meaning, objective, advantages and work
2 years, 9 months ago

What is NEFT: Its meaning, objective, advantages and work

India Today  

National Electronic Funds Transfer is an acronym for National Electronic Funds Transfer. The Reserve Bank of India created and manages the NEFT electronic funds transfer system, which was launched in November 2005. NEFT allows you to transfer money from one NEFT-enabled bank account to another via the internet. A person without a bank account can send money to a beneficiary …

Online Money Transfer: IMPS, NEFT, RTGS Transaction Limit, Timings, All you Need to Know
3 years, 1 month ago

Online Money Transfer: IMPS, NEFT, RTGS Transaction Limit, Timings, All you Need to Know

News 18  

The Reserve Bank on India or the RBI has recently raised the the limit of the Immediate Payment Service from Rs 2 lakh to Rs 5 lakh per transaction. “Immediate Payment Service offers instant domestic funds transfer facility 24×7 through various channels. Increased IMPS limit will not only increase customer experience but also solve more complex problems like credit and …

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You
3 years, 8 months ago

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You

News 18  

The Reserve Bank of India on Monday announced that the money transfer facility, Real Time Gross Settlement System, will be unavailable for 14 hours from 00:00 to 14:00 hours on Sunday, April 18, in lieu of a technical upgrade to enhance the resilience of the system. The country’s central bank and regulatory body under the jurisdiction of Ministry of Finance, …

RTGS services won’t be available for 14 hours on April 18 due to technical upgrade: RBI
3 years, 8 months ago

RTGS services won’t be available for 14 hours on April 18 due to technical upgrade: RBI

Hindustan Times  

The Reserve Bank of India announced on Monday that the Real-Time Gross Settlement service will not be available for 14 hours on April 18 due to a technical upgrade. “A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April …

NEFT, RTGS money transfer services extended beyond banks: RBI Governor Shaktikanta Das
3 years, 8 months ago

NEFT, RTGS money transfer services extended beyond banks: RBI Governor Shaktikanta Das

India TV News  

The Reserve Bank of India on Wednesday extended National Electronic Funds Transfer and Real-Time Gross Settlement facilities beyond banks. RBI Governor Shaktikanta Das announced that the services can now be used by non-bank payment operators as well. Now, the issuers of Prepaid Payment Instrument, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use these two …

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das
3 years, 8 months ago

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das

Live Mint  

Reserve Bank of India on Wednesday extended the National Electronic Funds Transfer and Real-Time Gross Settlement facilities to non-bank payment system operators. Now, Prepaid Payment Instrument issuers, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use NEFT and RTGS modes. It is now proposed to enable non-bank payment system operators like Prepaid Payment Instrument issuers, …

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
3 years, 8 months ago

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here

India Today  

The Reserve Bank of India on Wednesday said that National Electronic Funds Transfer and Real-Time Gross Settlement facilities will be extended to non-bank payment system operators. With RBI’s announcement, these money transfer systems will be extended to Prepaid Payment Instrument issuers, card networks, white-label ATM operators and Trade Receivables Discounting System platforms. It is now proposed to enable non-bank payment …

3 important things to know about RTGS fund transfer facility
3 years, 8 months ago

3 important things to know about RTGS fund transfer facility

Live Mint  

RTGS or Real-Time Gross Settlement is a money transfer facility where there is a continuous and real-time settlement of fund-transfers, individually on a transaction-by-transaction basis. Real time, in this case, means processing of instructions at the time they are received, while gross settlement means the settlement of funds transfer instructions occurs individually. The processing of RTGS is different from the …

RTGS money transfer facility to be operational 24x7: Important points
4 years ago

RTGS money transfer facility to be operational 24x7: Important points

India Today  

The Real-Time Gross Settlement System money transfer facility will now be operational 24—7 from 00: 30hours on December 14th, said RBI Governor Shaktikanta Das on Sunday. RTGS facility becomes operational 24X7 from 12:30 am tonight: RBI Governor Shaktikanta Das pic.twitter.com/pJaxgmh978 — ANI December 13, 2020 With the RTGS facility being made available 24x7, India will become one of the few …

RTGS Timings and How it Will Make Banking Easier for You
4 years ago

RTGS Timings and How it Will Make Banking Easier for You

News 18  

In October this year, the Reserve Bank of India had announced that the Real Time Gross Settlement System, which is put into use for large value transactions, will be available round-the-clock from December 2020. Shaktikanta Das, the governor of the Reserve Bank of India, announced this development and said that customers will now be able to avail round-the-clock availability of …

RTGS To be Made 24X7 from December 14, New Limit for Contactless Card Transactions Now Rs 5,000: RBI
4 years ago

RTGS To be Made 24X7 from December 14, New Limit for Contactless Card Transactions Now Rs 5,000: RBI

News 18  

In a bid to give a push to digital payments, the Reserve Bank on Friday announced a slew of measures including enhancing the limit for contactless card transactions to Rs 5,000 and making RTGS transaction facility available round the clock from December 14. The RBI also decided to increase the limit for contactless card transactions to Rs 5,000 from Rs …

RTGS to Be Made Available 24X7 in Next Few Days, Says RBI Governor
4 years ago

RTGS to Be Made Available 24X7 in Next Few Days, Says RBI Governor

News 18  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said RTGS system will soon be made available 24×7 in the next few days… with this enablement, it is proposed to …

Fund Transfer: RTGS to be made available 24X7 in next few days, says RBI Governor
4 years ago

Fund Transfer: RTGS to be made available 24X7 in next few days, says RBI Governor

India TV News  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said RTGS system will soon be made available 24x7 in the next few days. In order to expand adoption of digital …

RTGS to be made available 24X7 in next few days: RBI Governor
4 years ago

RTGS to be made available 24X7 in next few days: RBI Governor

The Hindu  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said, “RTGS system will soon be made available 24x7 in the next few days. with this enablement, it is proposed to …

Online bank transactions: RTGS to be available round-the-clock from December 2020
4 years ago

Online bank transactions: RTGS to be available round-the-clock from December 2020

India Today  

The 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 …

RBI keeps repo rate unchanged at 4%; GDP to contract by 9.5% in current FY, says Shaktikanta Das
4 years, 2 months ago

RBI keeps repo rate unchanged at 4%; GDP to contract by 9.5% in current FY, says Shaktikanta Das

Firstpost  

The central bank has also kept the door open for lowering rates further by retaining an ‘accommodative’ policy stance, for as long as needed, to support growth, said the RBI governor Mumbai: The Reserve Bank of India left key interest rates unchanged on Friday but signalled more easing ahead to support an economy that it sees contracting 9.5 percent in …

RTGS payments to become 24x7 from December: All you need to know
4 years, 2 months ago

RTGS payments to become 24x7 from December: All you need to know

India Today  

Reserve 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. …

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