The Real-Time Gross Settlement (RGTS) service for fund transfers won’t be accessible for 14 hours on April 18, the Reserve Bank of India (RBI) has mentioned.
“As technical upgrade of RBI’s #RTGS is scheduled after the close of business of April 17, 2021, #RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. #NEFT system will continue to be operational as usual during this period for #moneytransfers,” the RBI tweeted on Thursday.
Under RTGS, there’s the continual and real-time settlement of fund-transfers individually on a transaction-by-transaction foundation with out netting. It is a secure and safe system for funds switch with none higher or most ceiling and is obtainable on all days on 24x7x365 foundation.
Last week, the central financial institution had proposed to develop RTGS and NEFT amenities to non-bank fee system corporations in a phased method. The goal of the transfer is to encourage participation of non-banks throughout fee techniques.
(With inputs from ANI)
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