MUMBAI: The Reserve Bank of India(RBI) Governor Shaktikanta Das on Sunday said Real Time Gross Settlement(RTGS) facility in the country will become operational from 12.30 am on Monday (December 14), making India one of the few countries in the world to operate the system 24X7.
"RTGS facility becomes operational 24X7 from 12.30 am tomorrow. Congratulations to the teams from RBI, Indian Financial Technology and Allied Services (IFTAS) and the service partners who made this possible," Das tweeted.
"India will be among very few countries globally with a 24x7x365 large-value real-time payment system. This will facilitate innovations in the large value payments ecosystem and promote ease of doing business," Das has said in an earlier statement.
In October, the RBI had announced that RTGS will be available round-the-clock on all days of the year.
RBI had last week said, "Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems. This can also be leveraged to enhance operations of Indian financial markets and cross-border payments."
Earlier, RBI had decided not to levy charges on transactions through NEFT and Real Time Gross Settlement (RTGS) system in order to promote digital transactions in the country, and asked banks to pass on the benefits to the customers.
Source:-timesofindia.indiatimes.com