24X7 RTGS facility to be operational from tomorrow

Mumbai: The Real Time Gross Settlement System (RTGS) will be made available 24X7 from tomorrow.

India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year.

The settlement system began its operations on March 26, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks.

Round-the-clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems.

“This can also be leveraged to enhance operations of Indian financial markets and cross-border payments,” an official of RBI said.

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