In an effort to promote digital transactions, the Reserve Bank of India (RBI) has extended the transaction timings for Real-Time Gross Settlement (RTGS) by one hour.
You can soon transfer money through RTGS from 7 am. Currently, you are allowed to transfer money from 8 am to 6 pm only. For inter-bank transactions, the timings are from 8 am to 7:45 pm.
According to the RBI's notification, the new timings will be applicable from August 26.
RTGS is a system that is meant for high-value transactions. The minimum amount that can be transferred using this method is Rs 2 lakh. However, there is no maximum limit. The transactions happen in real time.
| EVENTS | TIME |
| Open for business | 7 AM |
| Customer transactions (initial cut-off) | 6 PM |
| Inter-bank transactions (final cut-off) | 7:45 PM |
| Intra-day liquidity (IDL) reversal | 7.45 PM to 8.00 PM |
| End of day | 8.00 PM |
(SOURCE: RBI)
The Central Bank has been rolling out a string of measures in order to encourage people to make more digital transactions.
Earlier this month, the top bank announced that from December, National Electronic Funds Transfer (NEFT) transactions will be available round the clock.
Currently, customers can transfer money of up to Rs 2 lakh through NEFT from 8 am to 7 pm on all working days barring second and fourth Saturdays and bank holidays.
In June 2019, the Central Bank decided to waive all the charges on fund transfer through the popular RTGS and NEFT systems and asked banks to pass on the benefits to customers.
Following that, the State Bank of India waived charges on NEFT and RTGS transactions through the internet and mobile banking from July 1.