Source: Reserve Bank of India
December 04, 2020
The Chairman / Managing Director / Chief Executive Officer
Madam / Dear Sir,
24×7 Availability of Real Time Gross Settlement (RTGS) System
A reference is invited to the Statement on Developmental and Regulatory Policies dated October 09, 2020 wherein Reserve Bank of India (RBI) had announced making available the Real Time Gross Settlement (RTGS) system round the clock on all days. Accordingly, it has been decided to make RTGS available round the clock on all days of the year with effect from 00:30 hours on December 14, 2020.
2. Members are advised as under:
3. Members are advised to put in place necessary infrastructure to provide RTGS round the clock to their customers. RTGS transactions undertaken after normal banking hours are expected to be automated using ‘Straight Through Processing (STP)’ modes.
4. Members are further advised to disseminate information on the extended availability of RTGS to all their customers.
5. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).