Bank Customer Note. You will not be able to transfer a large amount on this Weekend. Because Reserve Bank of India has said that RTGS will not work for sending more than 2 lakh rupees.
Bank Customer Note. You will not be able to transfer a large amount on this Weekend. Because Reserve Bank of India has said that RTGS (Real Time Gross Settlement) service will be closed for 14 hours from midnight on Saturday (April 17) for sending more than 2 lakh rupees. The reason for this is to technically upgrade it to further improve its ‘disaster recovery’ time. At the same time, the National Electronic Funds Transfer (NEFT) used for transactions up to 2 lakh rupees will continue to work as before.
Exercise to improve disaster recovery
The Reserve Bank said that after the business ends on 17 April 2021, RTGS will be technically upgraded to improve the capacity of the RTGS system and further improve the ‘disaster recovery’ (disaster recovery) time. According to the statement, RTGS service will not be available from 00:00 hrs (Saturday night) to 14.00 hrs (till Sunday) on 18 April 2021.
RTGS service available 24×7 from 14 December
RBI said that member banks can inform their customers for their payment plans accordingly. The RTGS facility is available 24 hours from 14 December last year. With this, India is among the few countries where this facility works for 24 hours.
No fees
Explain that in order to promote digital payments in the country, the Reserve Bank has stopped taking fees on transactions made from NEFT and RTGS from July 2019. NEFT is used for transactions up to two lakh rupees, while large transactions are from RTGS.
Promoting Financial Awareness
Financial Literacy Centers (CFLs) are currently working in 100 divisions to promote financial awareness among the people. By March 2024, such centers will be built in all divisions.
