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Saturday, October 24, 2020

RTGS system to become 24×7 from December this year: RBI governor

NEW DELHI: The Reserve Bank of India (RBI) on Friday announced that RTGS (Real Time Gross Settlement ) system will become 24×7 from December this year. “In order to facilitate swift and seamless payments in real time for domestic businesses and institutions, it has been decided to make available the RTGS system round the clock on all days from December 2020. India will be among very few countries globally with a 24x7x365 large value real time payment system,” RBI governor Shaktikanta Das said.
In December 2019, the Reserve Bank made available the National Electronic Funds Transfer (NEFT) system on a 24x7x365 basis.

The RBI decided to keep repo rate unchanged in its October policy meet while maintaining the accomodative stance.
“Covid-19 has tested and severely stretched our resources and our endurance. Our travails are not over yet and a renewed rise in infections remains a serious risk. We have, however, come far on an un-travelled road, with self-belief and the courage of hope,” the RBI governor stated.



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