The Reserve Bank of India recently announced that Real Time Gross Settlement (RTGS) will not be available for 14 hours on Sunday. The central bank stated that the technology has to be upgraded to strengthen the system, due to which this facility will no longer be available. RBI said that this facility will not be available on Sunday, April 18 from 12 am to 2 pm.
In a press release, RBI said, “To upgrade the quality of RTGS and to further improve the disaster recovery time of RTGS system, the technical upgrade will be done in RTS after the closure of business on April 17, 2021.”
As a technical upgrade of RBI’s #RTGS is scheduled after the close of business of April 17, 2021, #RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. #NEFT system will continue to be operational as usual during this period for
However, RBI has clarified that the National Electronic Fund Transfer (NEFT) facility will continue to function as before. RBI said, ‘Thus RTGS facility will not be available from 00:00 am to 14:00 pm on Sunday. The NEFT system will continue to function as before.
What is RTGS?
The full name of RTGS is Real Time Gross Settlement. This facility is used in online money transfers. It is almost like NEFT. Through this facility, money can be easily and safely transferred from one account to another in real time. RTGS is specially meant for those customers who are associated with big businesses and transfer a large amount of money. Anyone can use the RTGS facility. With this facility, a minimum of two lakh rupees can be transferred and there is no limit on the maximum amount.