The Reserve Bank of India (RBI) on Friday proposed to start the round-the-clock availability of real-time gross settlement (RTGS) facility from December 2020 for swift payments.
RBI Governor Mr Shaktikanta Das while making the announcement said, “India will be among very few countries globally with a 24x7x365 large value real-time payment system.”
RTGS refers to funds transfer system that allows instant transfer of fund and/or securities. RGTS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank.
As of now, RTGS is available on days when bank branches are functioning.