(Aditya Shaw, Intern Journalist): The Reserve Bank of India (RBI) keeps on announcing any new facility to provide better facilities to the customers. Now RBI has made another big announcement for crores of customers. Since December, banks have changed an important rule related to money transactions.
In October, the RBI announced that the Real Time Gross Settlement (RTGS) system would be operational 24 hours a day from December 2020. That is, now you do not have to wait for the bank to open and close to transfer a large amount.
What was the time before?
While announcing the decisions of the Monetary Policy Committee (MPC), Governor Shaktikanta Das gave the gift to the customers. Before today, the timing of RTGS system for customers was from 7 am to 6 pm. The facility was also closed on the second and fourth Saturdays, when there is a bank holiday. Along with this, this service was also closed on Sunday.
The minimum limit is two lakh rupees
The RBI has taken this step to promote digital banking across the country. The use of digital banking has increased in the Corona era. Let us tell you that the minimum transfer amount under RTGS is two lakh rupees. There is no limit to the maximum amount.
What is RTGS?
RTGS stands for Real-Time Gross Settlement System. ‘Real-time’ means instant. Meaning as soon as you transfer money, it reaches the account in no time. When you make a transaction through RTGS, money is immediately transferred to another account.
RTGS facility is free
On June 6, 2019, the RBI made the transaction free through real-time gross settlement and National Electric Fund Transfer (NEFT), giving a big gift to the general public.
NEFT facility also available for 24 hours
From 16 December 2019, a 24-hour National Electronic Fund Transfer (NEFT) facility was introduced in all banks. The Reserve Bank of India (RBI) had instructed banks to do so. Whereas earlier NEFT facility was from 8 am to 7 pm. NEFT stands for National Electronic Funds Transfer. NEFT is used for transactions up to two lakh rupees via the internet. Through this money can be sent from any bank account of any branch to the bank account of any branch.
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