Round-the-clock RTGS facility online now

Mumbai: The Real Time Gross Settlement System (RTGS) for high-value transactions will become available round-the-clock from 00:30 hours Monday onwards, making India one of the few countries in the world to operate the system 24X7.

In October, the RBI had announced that RTGS will be available round-the-clock on all days of the year.

"RTGS facility becomes operational 24X7 from 12.30 am tonight. Congratulations to the teams from RBI, IFTAS and the service partners who made this possible," RBI Governor Shaktikanta Das said in a tweet.

India will become one of the few countries in the world to operate its RTGS system round-the-clock throughout the year.

RTGS on 24X7X365 facility comes within a year of RBI operationalising NEFT 24x7. NEFT is a popular mode for small-value transactions.

RTGS, which began its operations on March 26, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks.

The average ticket size for RTGS in November 2020 was Rs 57.96 lakh, making it a truly large-value payment system.