June 5: The Reserve Bank of India (RBI) has made an announcement regarding the extension of the time-window for using the Real Time Gross Settlement System for customer transactions from 4:30 pm to 6 pm. The announcement on the extension which will be valid from June 1 was declared on April 28.
An RBI press release stated that transactions between 8am and 1 pm will not be charged. Meanwhile, for the transactions conducted between 11 am and 1 pm, a charge of bill will be levied. An amount of Rs 5 will be charged for the transactions between 1 pm and 6 pm.
The RTGS system is will be mainly availed for large value transactions. Minimum of Rs2 lakh with no upper or maximum ceiling can be remitted through RTGS.