. 
Mumbai: In order to promote digital transactions, the Reserve Bank
of India (RBI) has extended the customer transactions timing for Real Time
Gross Settlement (RTGS) system by an hour. Now, you can transfer funds through
the RTGS system from 7 am instead of 8 am from 26 August, the RBI said on
Wednesday. "In order to increase the availability of the RTGS system, it
has been decided to extend the operating hours of RTGS and commence operations
for customers and banks from 7:00 am," the RBI said in a notification.
New RTGS timing window
with effect from 26 August 2019
Open
for Business-7 am
Customer
transactions (Initial Cut-off)-6 pm
Inter-bank
transactions (Final Cut-off)-7.45 pm
Intra-day
liquidity (IDL) Reversal-7.45 pm to 8.00 pm
End
of Day-8.00 pm
Here are five things to
know about money transfer through RTGS:
1)
At present, RTGS system is available for customer transactions from 8 am to 6
pm and for inter-bank transactions from 8 am to 7.45 pm.
2)
The extended customer transactions timing will be applicable from August 26.
3)
The RTGS system is primarily meant for high-value transactions. The minimum
amount to be remitted through RTGS is ₹2 lakh with no maximum
limit
4)
RTGS transactions happen in real time.
5)
In this transfer, the beneficiary bank receives the instruction to transfer
funds immediately when you carry out the transaction, and the transfer is
instantaneous.
Earlier
this month, the RBI had decided to allow round-the-clock fund transfers through
the National Electronic Funds Transfer (NEFT) from December this year in order to
promote digital transactions.
Currently,
the NEFT, a retail payment system, is available for customers from 8 am to 7 pm
on all working days with the exception of second and fourth Saturdays of a
month and banking holidays. The NEFT system is used for fund transfers of up to ₹2
lakh. Earlier, State Bank of
India (SBI) had
done away with Immediate Payment Service (IMPS) transaction charges on internet
banking and mobile banking from 1 August 2019. There is also a waiver on IMPS
charges for fund transfer up to₹1,000 through branch banking. IMPS is an instant interbank
electronic fund transfer service through mobile phones.
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