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RBI extended the timing of transactions through RTGS

RBI extended the timing of transactions through RTGS

he Reserve Bank of India (RBI) has extended the time limit for tr money through Real Time Gross Settlement (RTGS)  giving relief to the common man. After the RBI decision, now customers will be able to make transactions in banks till 6 o'clock.

This arrangement will be effective from 01 June 2019. Earlier, transactions through RTGS could be done till 4:30 PM. At present, there is facility of money transfer through RTGS till June 01, only till 4:30 PM.

Highlights

  • Another popular medium of sending money from one account to another account of RTGS is National Electronic Fund Transfer (NEFT) without limits.
  • The RBI said in the notification that it has decided to increase the time for customer transactions in RTGS from 4:30 PM to 6 PM.
  • Real Time Gross Settlement (RTGS)
  • RTGS is the facility of sending money to the individual account holder or customers in the group.
  • A minimum of Rs 2 lakh can be sent through RTGS, whereas there is no limit to sending the maximum amount.
  • RTGS is the fastest money transfer service. Money transfer works fast through RTGS.
  • RTGS is mainly used for the transfer of large amount.
  • RTGS can also be used by the bank or through NetBanking.
  • Through NEFT, the transfer set to done at a particular time whereas in RTGS fund transfer processing is done immediately.
Q.1 Which is the fastest medium of money transfer?
A. NEFT
B. ATM
C. RTGS
D. Money Order
Answer...
Ans: RTGS
Q.2 Which is the centralised bank of India?
A. Punjab National Bank
B. Reserve Bank of India
C. Canara Bank
D. State Bank of India
Answer...
Ans: Reserve Bank of India

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