If you decline offline payment then there is important news for you. The Reserve Bank of India (RBI) has extended the time for the Real-Time Ground Settlement (RTGS) system. Now RTGS will start at 7 am instead of 8 am. This new change will come into effect from 26 August. Currently, this facility is available from 8 am to 6 pm for customer transactions.
What is RTGS
Explain that this facility is available from 8 am to 7.45 am for transactions between banks. RBI has also issued a notification in this regard. This service is also closed on the second-fourth Saturday along with the bank holiday. RTGS is a medium of offline deposition which is mainly used to transfer a large amount. Under this, a minimum of Rs 2 lakh can be sent and there is no limit for the maximum amount sender.
NEFT also changes in time
At the same time, the RBI has recently decided to allow 24-hour through National Electronic Funds Transfer (NEFT), another mode of elimination. This change will be applicable from December this year. Currently, NEFT is available from 8 am to 7 pm for customers excluding the second and fourth Saturdays. Up to Rs 2 lakh is sent under NEFT.