Question: What is the new extended timing for the RTGS transactions approved by RBI?
(a) 4:30 pm
(b) 5 pm
(c) 5:30 pm
(d) 6 pm
- The Reserve Bank of India (RBI) has announced an extension of timings for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to 06 PM.
- The new timing will be effective from June 1, 2019.
- The RTGS is an online fund transfer system, supported by the RBI, which enables high-value fund transfers on a real-time basis.
- The minimum amount for the transaction under this system is Rs 2 lakh. There is no upper limit on the value of funds that can be transferred via the RTGS system.