RTGS will not work till 2 o’clock
The Bank’s Real Time Gross Settlement (RTGS) service will not work till 2 pm today. The Reserve Bank of India (RBI) has given this information.
RTGS will not work on April 18 from 12.01 minutes to 2 pm. RBI has appealed to the customers that on Sunday, pay special attention to this schedule, so that you do not have any problem in the transaction.
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Government expanded the scopeLast week, the RBI allowed NBFCs, Fintech Startups and Payment Banks in the country to transfer funds through RTGS and NEFT. With this decision of RBI, apart from banks, other financial institutions will also be able to offer the facility to transact through RTGS and NEFT. Fintech companies, payment companies have been approved by RTGS and NEFT.
RBI has given big relief to Prepaid Payment Instruments (PPIs) like Paytm, PhonePe. Also, the balance limit of the payment bank has been increased from Rs 1 lakh to Rs 2 lakh. With this, non-bank users will now be able to transact up to 2 lakh rupees in a day. Now you will be able to withdraw cash from mobile wallet. However, this benefit will be given only to those whose KYC has been done.
The facility started in 2006
Let us tell you that in December last year, the Real Time Gross Settlement System (RTGS) was made available 24 hours a day. Earlier this facility was available during bank timing. You do not have to pay any fee to take advantage of this facility. RTGS was launched on 26 March 2006.
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NEFT is used in transactions up to two lakh rupees. Transactions beyond that are done through RTGS. Transfer of less than 2 lakhs is not done through RTGS. Even more important is that no extra charge has to be given on transfer.