The NEFT system is used for fund transfers of up to Rs 2 lakh, and RTGS for those above this threshold.Mumbai:Transfer of funds through the high-value RTGS system will be available from 7 am instead of 8 am from August 26, the Reserve Bank of India said on Wednesday.
At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 8 am to 6 pm and for inter-bank transactions from 8 am to 7:45 pm.
"In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am," the RBI said in a notification.The extended customer transactions timing will be applicable from August 26, it added.Earlier this month, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) from December this year in order to promote digital transactions.Currently, the NEFT, a retail payment system, is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month.The NEFT system is used for fund transfers of up to Rs 2 lakh, and RTGS for those above this threshold.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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