RTGS system to be available 24×7 from December: RBI Governor

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RTGS service will be available 24x7 to facilitate swift and seamless payments
Payment through RTGS has no amount cap
RBI has left both, repo and reverse repo rate unchanged

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Updated: October 08 2020 07:59:29 PM ET New Delhi, Delhi, India

The Real-time gross settlement (RTGS) system will be available round the clock on all days, starting from December, 2020, the Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Friday.

The decision was taken to facilitate swift and seamless payments in real-time for domestic businesses and institutions, the governor said, ANI reported.

In order to facilitate swift and seamless payments in real-time for domestic businesses and institutions, it has been decided to make available RTGS (Real-time gross settlement) system round the clock on all days from December 2020: RBI Governor

— ANI (@ANI) October 9, 2020

Payment through RTGS has no amount cap and is meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2,00,000 with no upper or maximum ceiling.

The RBI on Friday the decisions taken by the central bank’s Monetary Policy Committee (MPC).

The benchmark repurchase (repo) rate has been left unchanged at 4%. The reverse repo rate will also continue to earn 3.35% for banks for their deposits kept with RBI.