RTGS payment system to be available 24X7 starting Dec 14

RBI said, members are further advised to disseminate information on the extended availability of RTGS to all their customers.

Dec 04, 2020 04:12 IST India Infoline News Service

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The Reserve Bank of India (RBI) has made Real Time Gross Settlement (RTGS) system available round the clock on all days with effect from 00:30 hours on December 14, 2020.

RBI today advised the following to the members:
  1. RTGS shall be available for customer and inter-bank transactions round the clock, except for the interval between ‘end-of-day’ and ‘start-of-day’ processes, whose timings would be duly broadcasted through the RTGS system.
  2. RTGS shall continue to be governed by the RTGS System Regulations, 2013, as amended from time to time.
  3. Intra-Day Liquidity (IDL) facility shall be made available to facilitate smooth operations. The Intra-Day Liquidity (IDL) availed, if any, shall be reversed before the ‘end-of-day’ process begins.

Further, RBI advised members to in place the necessary infrastructure to provide RTGS round the clock to their customers. RTGS transactions undertaken after normal banking hours are expected to be automated using ‘Straight Through Processing (STP)’ modes.

RBI said, members are further advised to disseminate information on the extended availability of RTGS to all their customers.

Additionally, with round the clock availability of eKuber (core banking system of RBI) and RTGS (to be operationalised soon), RBI also  proposed to allow settlement files of payment systems (viz., AePS, IMPS, NETC, NFS, RuPay, UPI) to be posted to the Reserve Bank on all days of the year. RBI added,"This measure will reduce build-up of settlement and default risks and enable better management of funds by member banks. It will also enhance overall efficiency of the payments ecosystem. Instructions in this regard will be issued shortly."

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