The RTGS system for customer transactions will open at 7 am on August 26: RBI

MUMBAI: Transfer of funds through high value RTGS system It will be available from 7 am instead of 8 am from August 26, the Reserve Bank of India said on Wednesday.

Currently, the real-time gross settlement system (RTGS) is available for customer transactions from 0800 to 1800 hours and for interbank transactions from 0800 to 1945 hours.

"In order to increase the availability of the RTGS system , it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am," the RBI He said in a notification.

The extended schedule of customer transactions will be applicable as of August 26, he added.

Earlier this month, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) of December this year to promote digital transactions.

Currently, NEFT, a retail payment system, is available to customers from 8 am to 7 pm on all business days, with the exception of the second and fourth Saturday of the month.

The NEFT system is used for transfers of funds up to Rs 2 lakh, and RTGS for those above this threshold.