Home Breaking RTGS money transfer facility will remain unavailable for 14 hrs from tomorrow....

RTGS money transfer facility will remain unavailable for 14 hrs from tomorrow. Here’s why

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Live Mint

  • The popular NEFT for fund transfers of up to 2 lakh will continue to be operational as usual during this period
  • The RTGS facility was made available round-the-clock on all days from December 14 last year

The RTGS facility for high-value transactions will remain unavailable for 14 hours from midnight of Saturday to Sunday due to technical upgrade to further improve the disaster recovery time of the system, the RBI said in a statement.

A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, the Reserve Bank of India said on Monday.

“Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021,” the RBI said.

“Member banks may inform their customers to plan their payment operations accordingly,” it further added. “RTGS Members will continue to receive event update(s) through system broadcasts,” the central bank mentioned.

The RTGS facility was made available round-the-clock on all days from December 14 last year, making India one of the few countries to operate the system 24×7.

However, the National Electronic Funds Transfer (NEFT) system will continue to be operational as usual during this period, RBI said.

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