RBI has changed the rules regarding Real Time Gross Settlement (RTGS). Now people will be able to avail RTGS facility 24 hours. RBI will implement this arrangement from December. Right now this service does not work for 24 hours. This decision of the RBI will benefit people and businessmen who have large transactions or fund transfers.
Service will be available 24 hours from December
RBI will start a 24-hour service of RTGS from December. Currently, RTGS service is available from 8 am to 7:55 pm. In the briefing issued after the first three-day meeting of the reconstituted Monetary Policy Committee of RBI said that India will be among the few countries globally where there will be a system of immediate settlement of large-value payments for 24 hours, seven days, twelve months.
What is RTGS
RTGS is a fast process of fund transfer. Through this system, you can transfer money from one bank account to another. Funds can be transferred for a minimum of Rs 2 lakh in RTGS. There is no maximum limit. Money is delivered instantly through RTGS.
These charges Apply
There is no charge for RTGS from 8 am to 11 am. There is a charge of Rs 2 from 11 am to 2 pm and Rs 10 after 6 pm.
RBI monetary policy committee meeting ended today
In the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) meeting, RBI took several important decisions. Today there is no change in the repo rate. The repo rate remains at 4 per cent. RBI Governor Shaktikanta Das said that the first quarter of the economy had fallen behind, signs of improvement in the situation were showing.
RBI Governor Shaktikanta Das said that the Indian economy is entering a decisive phase in the fight against the coronavirus. The RBI will maintain a liberal stance to support economic growth. Instead of curbing, now there is a need to focus on reviving the economy.