RTGS electronic fund transfer facility will be available 24 hours from December
RTGS Electronic Fund Transfer Facility Will Be Available All Day And 24 Hours From December Under the RTGS system, the fund reaches the beneficiary bank branch as soon as the fund is transferred, it has to deposit the funds in the beneficiary's account within two hours of receiving the information of the fund transfer. I transfer funds of 2 lakh rupees or more under RTGS. At present, RTGS facility is available only during banking operations. Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the fund transfer facility of Real Time Gross Settlement will be available 24 hours from December. Funds of 2 lakh rupees or more are transferred under RTGS. Right now the facility is available only at the time when the bank functions. Two types of electronic transfer (interbank transfer) of funds from bank account to any other bank branch account are available right now - RTGS and NEFT. RBI is overseen by both the systems. In the system, funds are transferred from the remitting bank to the beneficiary bank branch. He has to deposit the fund in the beneficiary's account within two hours of receiving the information on fund transfer. From December 2019, NEFT facility is available 24 hours a day The Governor said that in December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. It is working well. Read the full article