RTGS payment system to be available 24×7 from Monday

The Reserve Bank of India on Wednesday announced that the Real Time Gross Settlement System (RTGS) – one of the methods used to transfer funds online – will be available 24×7 on all days throughout the year from December 14. The RBI’s decision to operationalise the service 24×7 was recently announced after a Monetary Policy Committee (MPC) meeting.

The central bank also stated that India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year. The round the clock availability comes within a year of operationalising another popular online money transfer system National Electronic Fund Transfer (NEFT) 24×7 by the RBI.