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1-min read

RTGS System for Customer Transactions to Open at 7 am from Aug 26, Says RBI

Earlier this month, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) from December this year in order to promote digital transactions.

PTI

Updated:August 21, 2019, 9:42 PM IST
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RTGS System for Customer Transactions to Open at 7 am from Aug 26, Says RBI
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Mumbai: Transfer of funds through the high-value RTGS system will be available from 7 am instead of 8 am from August 26, the Reserve Bank of India said on Wednesday.

At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 0800 hours to 1800 hours and for inter-bank transactions from 0800 hours to 1945 hours.

"In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am," the RBI said in a notification.

The extended customer transactions timing will be applicable from August 26, it added.

Earlier this month, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) from December this year in order to promote digital transactions.

Currently, the NEFT, a retail payment system, is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month.

The NEFT system is used for fund transfers of up to Rs 2 lakh, and RTGS for those above this threshold.

The Reserve Bank also permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments) with a cap of Rs 2,000.

The RBI has been receiving requests from industry stakeholders to allow processing of e-mandate on cards for recurring transactions with Additional Factor of Authentication (AFA) during e mandate registration and first transaction.

"...it has been decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modification and revocation, as also for the first transaction, and simple / automatic subsequent successive transactions," the RBI said in a circular.

This, the RBI said, has been done keeping in view the changing payment needs and the requirement to balance the safety and security of card transactions with customer convenience.

The maximum permissible limit for a transaction under the e-mandate facility on cards would be Rs 2,000.

The RBI added that no charges should be levied or recovered from the cardholder for availing the e-mandate facility on cards for recurring transactions.

The direction is applicable for transactions performed using all types of cards debit, credit and Prepaid Payment Instruments (PPIs), including wallets.

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