The Reserve Bank of India (RBI) has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6 pm from 4:30 pm. The new time window for RTGS will come into effect from June 1.
The RTGS is an online fund transfer system, supported by the RBI, which enables transmission on a real-time basis. The minimum amount for the transaction to be eligible as an RTGS transfer is Rs 2 lakh.
As per RBI data, Rs 112 lakh crore worth of transactions were processed using RTGS in April 2019.
The customer is charged a ‘time-varying charge’ on each outward transaction in addition to the flat processing charge. The fee for transfers between 8 am to 11 am is nil, from 11 am to 1 pm is Rs 2, and from 1 pm to 6 pm is Rs 5. The fee for transfers made after the initial cut off of 6 pm will be Rs 10.
The initial cut off for customer transactions will be 6 pm and the final cut off for inter-bank transactions will be 7:45 pm. The IDL reversal will take place between 7:45 pm and 8 pm.