It was conceived as a way of improving the quality and accuracy of financial data systems for better risk management post the 2008 financial crisis.
First, the Reserve Bank in its policy review announcement made last week, announced that starting December 14, the Real Time Gross Settlement (RTGS) System will be available 24x7.
In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis.
RTGS is meant for large-value instantaneous fund transfers while NEFT is used for fund transfers of up to Rs 2 lakh.
The value of UPI transactions too came down to Rs 2.06 lakh crore during March, from Rs 2.23 lakh crore in February.
Yes Bank enables RTGS services allowing transactions over Rs 2 lakhs, current A/C withdrawal limit raised
As per the FAQs, Yes Bank said outward online remittances, including RTGS and NEFT, are still suspended.