RTGS business hours increased to 12 hours on weekdays

MUMBAI: To promote electronic payments, the Reserve Bank today increased RTGS business hours to 12 hours from 8 am to 8 pm on weekdays, effective December 29.

On Saturdays, the RTGS (real time gross settlement) system of online fund transfer will be open from 8 am to 3.30 pm, the RBI said in a circular.

The existing business hours are 9 am to 4.30 pm on weekdays and till 2pm on Saturdays.

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 Reserve Bank of India (RBI) launched the new RTGS system in October 2013.

The current minimum amount that can be transferred through this channel is Rs 2 lakh. Today's circular did not mention whether the this amount has been revised or not.

Amount below Rs 2 lakh can also be transfered online via NEFT ( National Electronic Fund Transfer).

"Of late there has been a market demand for extending the business hours of the RTGS system to facilitate customer and inter-bank transactions as also to facilitate other market obligations to settle in the RTGS system.

"Accordingly, it has been decided to advance RTGS business hours to 800 hrs from 900 hrs and extend closing time of RTGS to 2000 hrs on weekdays and from 800 hrs to 1530 hrs on Saturdays," the RBI circular said.