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The Reserve Bank of India (RBI) on Monday said Real Time Gross Settlement (RTGS) system service will not be available from 00:00 hrs to 14.00 hrs on April 18, 2021 (Sunday).
The central bank said RTGS will not be available on April 18 as a technical upgrade of the system, aimed at enhancing the resilience and further improving the Disaster Recovery Time of the system, is scheduled after the close of business of April 17, 2021 (Saturday).
The NEFT (National Electronic Funds Transfer) system will continue to be operational as usual during this period.
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The RBI’s move to allow private players as ‘new umbrella entities’ to operate the retail payments system is riskyRBI asked Member banks to inform their customers to plan their payment operations accordingly. RTGS Members will continue to receive event update(s) through system broadcasts.
Under RTGS, there is a continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis (without netting).
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ₹ 2 lakh with no upper or maximum ceiling. It is available on a 24x7x365 basis.
NEFT is an electronic fund transfer system, which is available round the clock throughout the year on all days -- on a 24x7x365 basis. NEFT presently operates in batches on half-hourly intervals throughout the day.
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