In order to facilitate more digital payments, the Reserve Bank of India (RBI) has allowed the transfer of funds through Real-Time Gross Settlement (RGTS) on all days.
Previously, it was available only on working days and during working hours but now; RBI has allowed it round-the-clock from today.
As the name suggests RGTS payment process instructions will work on a real-time basis and it happens instantly allowing the transfer of huge volumes of money.
The minimum amount that you can transfer through RGTS is Rs 2 lakhs and there is no upper limit. RGTS transfers can be done via mobile banking, internet banking or by visiting a bank. For the money transfer between Rs 2 to 5 lakhs, banks can charge RS 24.50, for above more than 5 lakhs- banks can charge Rs 49.50 and customers also have to pay GST on this amount.
Earlier, RBI Governor Shaktikanta Das said that to support the ongoing efforts at global integration of Indian financial markets and to develop the wider payment flexibility to domestic corporate and institutions, it is decided to make RGTS round-the-clock on all days. ''With this, India will be one of the countries globally which works 365 days with a large value real-payment system,'' said the RBI Governor.
By using National Electronic Funds Transfer (NEFT) we can transfer up to 2 lakhs, but NEFT and Immediate Payment Service (IMPS) are already available for 24 hours but these modes are generally used by individuals.