The Reserve Bank of India has extended the timings for customer transactions through Real Time Gross Settlement (RTGS) system. With effect from June 1, the RTGS timings for customer transactions (initial cut-off) will be 6:00 pm, instead of the present 4:30 pm.

"It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm," the RBI said in a notification on Tuesday.

The new timings that will come into effect from June 1 are:

The RTGS system is meant for large-value transactions and can be used for remitting funds more than Rs 2 lakh. There is no upper ceiling on the value of funds that can be transferred via the RTGS system.

The time-varying charges for transactions in RTGS from 1:00 pm to 6:00 pm shall be Rs 5 per outward transaction, RBI said in its statement. After 6:00pm, customers will have to pay Rs 10 per outward transaction for remitting funds via the RTGS system.

Published On : 28-05-2019

Source : Business Today