Comments
The Reserve Bank of India has cut down the threshold limit in Real Time Gross Settlement System transactions to Rs 1 lakh from the existing Rs 2 lakh until June 9, 2012 due to some technical issues.
“To ensure that customers were not unduly inconvenienced, the Reserve Bank temporarily brought down the threshold limit in Real Time Gross Settlement System (RTGS) to Rs 1 lakh from the existing Rs 2 lakh. This arrangement would continue till Saturday, June 9, 2012,” RBI said in a notification.
There was delay in processing of transactions of RBI’s National Electronic Funds Transfer (NEFT) on June 5 due to some technical glitches that resulted into delay in transmission to destination banks.
The NEFT, which is operational since 2005, is a pan-India one-to-one funds transfer system used by individuals, corporates and governments. Transactions in the system are put through various bank branches across the country.
Around 18 million transactions are processed every month on an average through this system.
The volume of transactions processed in NEFT over the last three years has witnessed 100 per cent year-on-year growth, RBI said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.