The Reserve Bank of India has increased RTGS (real time gross settlement) business hours to 12 hours from 8 am to 8 pm on weekdays to promote electronic payments. On Saturdays, the RTGS system of online fund transfer will be open from 8 am to 3.30 pm. The existing business hours are 9 am to 4.30 pm on weekdays and till 2 pm on Saturdays.
The RBI had launched the new RTGS system in October 2013 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 minimum amount to be remitted through RTGS is Rs. 2 lakh with no upper limit. Seeing the market demand the RBI has planned to extend the RTGS hours.
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