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New RTGS transaction timings: 5 things to know

RBI has extended the customer transactions timing for RTGS system by an hour to 7 am from 26 Aug. The RTGS system is primarily meant for high-value transactions with minimum amount to be remitted is Rs.2 lakh and no maximum limit. Earlier this month, the RBI had decided to allow round-the-clock fund transfers through NEFT from December which is currently available from 8 am to 7 pm on all working days. Government and the banking regulator have been trying to incentivise digital payments with a vision to make India a ‘less-cash’ society.

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