The Real-Time Gross Settlement (RTGS) used to send more than two lakh rupees will not be available till 2 pm today. According to a statement issued earlier by the RBI, this service will not be available for 14 hours on April 18, 2021, from midnight Saturday to 2 pm (till Sunday). Due to the upgrade in its technology, customers will not be able to take advantage of this service during this period. However, during this period, fund transfer service through National Electronic Fund Transfer (NEFT) will run smoothly.
RTGS Service Is Closed Today Till 2 Pm
The Reserve Bank of India had already given information about it by tweeting. According to the statement released by RBI, “RTGS service will not be available from 00:00 hrs (Saturday night) to 14.00 hrs (till Sunday) on April 18, 2021. The reason for this is to improve the ‘disaster recovery’ time technically.” It has to be upgraded. The National Electronic Funds Transfer (NEFT) used for transactions up to 2 lakh rupees will continue to work as before. ”
What is RTGS?
RTGS stands for Real-Time Gross Settlement System. ‘Real time’ means that it reaches the account in no time as soon as you transfer money. There is a facility to transfer the amount from two lakh rupees to 10 lakh rupees through this. On June 6, 2019, the RBI gave RTGS and NEFT free of cost while giving a significant gift to the general public. Explain that RTGS and NEFT is a centralised payment system.
In a review meeting of the Monetary Policy Committee, the Reserve Bank of India announced that customers no longer need to depend on banks to conduct transactions through Real Time Gross Settlement System and National Electric Fund Transfer (NEFT) scope has extended beyond the banks. Shaktikanta Das announced that non-banking payment system operators would also be able to provide this facility.