(Image source from: Hindustantimes.com)
RBI Extends RTGS Timings Till 6 PM:- The Reserve Bank of India took a crucial decision after the timings for the funds transfer through RTGS have been extended till 6 PM for the general public and this comes into effect from June 1st. Under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers. RTGS is used for large value transactions and is active till 4.30 PM on a regular basis.
"It has been decided to extend the timings for customer transactions in RTGS from 4.30 PM to 6 PM", RBI said in a statement. Along with RTGS, National Electronic Funds Transfer (NEFT) is another popular form of fund transfer. The minimum amount to be transferred through RTGS is Rs 2 lakhs with no maximum ceiling.