RBI extends online money transfer service from December 1, now 24 hours RTGS service

Online transactions have increased significantly in the Corona era. In such a situation, the Reserve Bank has decided to expand the online money transfer service and start RTGS service for 24 hours from December 1.

In the Corona era, digital transactions have increased significantly. When people do not get out of the house, then making online payment is also their compulsion. In such a situation, the Reserve Bank of India has also decided to extend the facility of online transactions. RBI has decided to start 24 hours RTGS service from 1 December 2020.

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Now its fix timing

More money is transferred through Real-Time Gross Settlement (RTGS). Currently, this facility is available on all working days from 7 am to 6 pm. Banks are closed on the second and fourth Saturdays. In such a situation, this service is also closed. RBI is trying to increase payment flexibility through this.

No charge on NEFT and RTGS

Regarding expansion of this facility, Reserve Bank Governor Shaktikanta Das said that there are very few countries in the world that have 24x7x365 large value real time payment facilities. In July 2019, RBI also made charge free of NEFT and RTGS. Before that there were charges on him.

3 options for money transfer

There are three options for online money transfer. Immediate Payment Service (IMPS), NEFT and RTGS. NEFT and IMPS service is already available 24×7. Up to 2 lakh online money transfers are done through NEFT. There is a charge for transferring IMPS funds. This charge can be from Rs 2.5 to Rs 25. This facility is available for 24 hours and a maximum of Rs 2 lakh can be transferred in one transaction.

RBI cautious about online fraud too

The Reserve Bank is also very cautious about online fraud. From October 1, he changed the rules regarding this. Users have to set the limit for their debit and credit. Now users have to set the limit for online money transfer and online shopping at ATM, POS machine or. Card holders can decide these limits by going to net banking, mobile banking or bank ATMs. Customers who will be issued a new card will have to register for each service. During the issuance of the card, only the facility of domestic and ATM transactions will be available. They have to be registered for other types of facilities.

 

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