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RBI to introduce new RTGS system from October 19

The RTGS system will be operational on all days except specified holidays as decided by the Bank from time to time, RBI said

October 12, 2013 10:57 IST | India Infoline News Service
The Reserve Bank of India (RBI) on Friday said that it will introduce the new RTGS (real-time gross settlement) system on October 19, 2013.

The RTGS system will be operational on all days except specified holidays as decided by the Bank from time to time, RBI said.

The RTGS system would process transactions such as inter-institutional/inter-bank transactions — the transfer of funds between two members/participants —RBI said in a statement.

'Inter-institutional transaction' means a funds transfer between two RTGS System members / participants.

It would also deal with customer transactions — funds transfer/receipt on behalf of the customer of an RTGS participant member.

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