New Delhi

More time to make online fund transfer through RTGS is reality now.

The Reserve Bank of India has decided to increase the working hours to make online fund transfer through RTGS.

“It has hence been decided to advance RTGS business hours to 8:00 hours from 9.00 hours and extend closing time of RTGS to 20.00 hours on week days. RTGS business window will be open from 8.00 hours to 15.30 hours on Saturdays,” RBI said in a notification.

The new working hours will be with effect from December 29, 2014.

Currently, the RTGS service window for customer’s transactions is available to banks from 9.00 hours to 16.30 hours on week days and from 9.00 hours to 14:00 hours on Saturdays for settlement at the RBI end.

RTGS (Real Time Gross Settlement) is an electronic real-time fund transfer settlement individually, primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper limit.

The launch of the new RTGS system in October 2013 was one of the steps taken by the Bank for catering to the growing volume and to provide liquidity saving and other features of the new system to the members, RBI said.

It added, “Of late there has been a market demand for extending 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, the RTGS business hours are being revised to meet the market expectation.”