RBI extends RTGS deadline from June 1 – Check out new timings

New Delhi: The Reserve Bank of India has decided to extend the usage timings for `Real Time Gross Settlement` (RTGS) system from June 1.

Issuing a notification to this effect, RBI said, “It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.”

Here is the new RTGS time window June 01, 2019

RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis.

However, the system does not works on a 24-hour basis.

RBI furhter said that the time-varying charges for transactions in RTGS from 1 pm to to 6 pm shall be Rs 5 per outward transaction.

Here is the time varying charges structure:

The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI`s end.