After NEFT, large value RTGS system to be offered 24×7

With this, India has joined an elite club of a handful of countries having payment systems that ensure round the clock funds transfer and settlement on real time basis.

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For ease of settlement, the RBI has also enabled liquidity support facility on 24×7 basis to participating banks, he said.

After introducing 24×7 NEFT payment facility, RBI Governor Shaktikanta Das on Tuesday hinted at the possibility of offering large value real time gross settlement (RTGS) system. “Going forward, this [NEFT] can pave way for the large value RTGS system to be offered to the country on 24×7 basis. As of now, we have extended the timing of RTGS,” Das said.

“To fulfil the vision empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable, a focused effort has been made to develop a state-of-the-art national payments infrastructure and technology platforms. Recently, on December 16, 2019, we rolled out the 24x7x365 NEFT facility,” he added.

With this, India has joined an elite club of a handful of countries having payment systems that ensure round the clock funds transfer and settlement on real time basis. For ease of settlement, the RBI has also enabled liquidity support facility on 24×7 basis to participating banks, he said.