The Reserve Bank of India on Friday announced that the Real Time Gross Settlement (RTGS), which is used for large value fund transfers, will be available round the clock from December this year.
At present, RTGS, which has a minimum fund transfer of ₹2 lakh, is available for customers from 7.00 am to 6.00 pm on all working days of a week (except second and fourth Saturdays of the month).
“With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system,” RBI Governor Shaktikanta Das said.
“To support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India’s efforts to develop international financial centres and to provide wider payment flexibility to domestic corporates and institutions, it has been decided to make available the RTGS system round the clock on all days,” the Statement on Developmental and Regulatory Policies said.
In December last year, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis.
PSOs
Meanwhile, in another measure aimed at easing digital payments, the RBI also announced that it has been decided to grant authorisation for all Payment Service Operators (PSOs) – new applicants as well as existing players, on a perpetual basis, subject to certain conditions.
This will “reduce licensing uncertainties and enable PSOs to focus on their business and optimise utilisation of scarce regulatory resources,”it noted.
Authorisation (including renewal of authorisation) of such PSOs has been largely for specified periods up to five years.
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