To facilitate high-value fund transfers, the Reserve Bank of India (RBI) has announced an extension of timings for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to 06 PM.
In a notification, issued from Mumbai yesterday, RBI said that new timing will be effective from 1st June. The RTGS is an online fund transfer system, supported by the RBI, which enables money transaction on a real-time basis.
The minimum amount for the transaction under this system is Rs 2 lakh. There is no upper limit on the value of funds that can be transferred via the RTGS system.
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