Explained: RBI extends time window for online RTGS transactions

“It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm,” said RBI in its release on Wednesday.

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Online RTGS transactions that are currently available between 8AM and 4:30 PM, will now be available for 90 more mins beginning June 1, 2019. (Express Photo by Pradip Das)

In a bid to ease online fund transfers, the Reserve Bank of India on Wednesday announced to extend the time window for fund transfer through Real Time Gross Settlement (RTGS) transactions beginning June 1, 2019. While earlier customers could do online RTGS transactions till 4:30 pm, it has now been extended till 6pm.

“It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm,” said RBI in its release on Wednesday.

A fortnight back, RBI had in its vision document 2019-21 on Payment and Settlement Systems in India proposed the possibility of extending the availability of National Electronic Funds Transfer (NEFT) round-the-clock, seven days a week and to also examine the possibility of extending the timings for RTGS transactions.

What are the current limits?

Online RTGS transactions that are currently available between 8AM and 4:30 PM, will now be available for 90 more mins beginning June 1, 2019. Through RTGS customers can transfer between Rs 2 lakh and Rs 25 lakh through netbanking in day. While the RBI is still working on making the NEFT window available 24*7, as of now customers can transfer money through Immediate Payment Service (IMPS) round the clock but the maximum amount allowed is Rs 2 lakh.

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