Prime News, National, Mumbai, May 29:- To facilitate high-value fund transfers, the Reserve Bank of India (RBI) has announced an extension of timings for customer transactions through Real Time Gross Settlement (RTGS) by one-and-half-hours from 4:30 pm to 6 pm.
In a notification, issued from Mumbai on Tuesday, RBI said that the new timing will be effective from June 1.
The RTGS is an online fund transfer system, supported by the RBI, which enables money transaction on a real-time basis. The minimum amount for the transaction under this system is Rs 2 lakh. There is no upper limit on the value of funds that can be transferred via the RTGS system. (Inputs: Agencies, NGB)