The Reserve Bank of India said that on Sunday, April 18, RTGS service will be closed for at least 14 hours.
Next Sunday you may face trouble transferring money online. The Reserve Bank of India (RBI) has said that RTGS service will be closed for at least 14 hours on Sunday, 18 April. During this time customers will not be able to send money through RTGS money transfer service or do any online transaction. On April 18, RTGS service will be interrupted from 12 pm to 2 pm.
RBI said that technical upgrading of RTGS will take place on April 18 to increase the recovery speed of RTGS system during the time of disaster. Because of this, RTGS will not work from 12.01 pm to 2 pm on 18 April after the expiry of 17 April. RBI has appealed to the planners to plan their payment operations on the following Sunday keeping this schedule in mind.
RBI said in its statement that even though the RTGS money transfer service does not work on Sunday, people will be able to conduct online transactions through NEFT. Because of this people will not have much trouble in transferring money online or making digital payments.
Non-bank will also be able to use NEFT, RTGS
RBI last week allowed NBFCs, Fintech Startups and Payment Banks in the country to transfer funds through RTGS and NEFT. With this decision of RBI, apart from banks, other financial institutions will also be able to offer the facility to transact through RTGS and NEFT. Fintech companies, payment companies have been approved by RTGS and NEFT.
RBI has given major relief to Prepaid Payment Instruments (PPIs) like Paytm, PhonePe. Also, the balance limit of the payment bank has been increased from Rs 1 lakh to Rs 2 lakh. With this, non-bank users will now be able to transact up to 2 lakh rupees in a day. Now you will be able to withdraw cash from mobile wallet. However, this benefit will be given only to those whose KYC has been done.
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