RBI to extend RTGS deadline to 6 p.m. from June 1

Mumbai, May 28 (IANS) The Reserve Bank of India has decided to extend the usage timings for 'Real Time Gross Settlement' (RTGS) system from June 1.A notification to this effect was issued on Tuesday.RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. However, the system does not works on a 24-hour basis. The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI's end. "It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4.30 p.m. to 6 p.m."The time-varying charges for transactions in RTGS from 13:00 hours (1 p.m.) to 18:00 hours (6 p.m.) shall be Rs 5 per outward transaction," it said.
--IANS rv/vd