Millennium Post

RBI raises RTGS biz hours to 12: 8 am to 8 pm

To promote electronic payments, the Reserve Bank on Monday increased RTGS business hours to 12 hours from 8 am to 8 pm on weekdays, effective December 29.

On Saturdays, the RTGS (real time gross settlement) system of online fund transfer will be open from 8 am to 3.30 pm, the RBI said in a circular.

The existing business hours are 9 am to 4.30 pm on weekdays and till 2pm on Saturdays.

To keep enhancing the systems and procedures to meet the growing needs of markets/customers and to cater to the expanding volume and to provide liquidity, the Reserve Bank of India (RBI) launched the new RTGS system in October 2013.

The current minimum amount that can be transferred through this channel is Rs 2 lakh. The circular did not mention whether the this amount has been revised or not.
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