RBI

This Facility Of Transferring Money Will Not Be Available For 14 Hours From 12 Pm Tonight, Find Out What Is The Reason

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The Reserve Bank of India has recently announced that the RTGS money transfer facility will not be available for 14 hours on Sunday. The central bank said that technology upgrades are to be done to strengthen the system due to which this facility will not be available. Rbi said the facility will not be available from 12 am to 2 pm on Sunday, April 18.

In a press release, RBI said, “Technical up-gradation will be carried out in RTS after the closure of business on April 17, 2021, to increase the quality of RTGS and further improve the disaster recovery time of RTGS system. ‘

As a technical upgrade of RBI’s #RTGS is scheduled after the close of business of April 17, 2021, #RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. #NEFT system will continue to be operational as usual during this period for #moneytransfers.

However, RBI has clarified that the National Electronic Fund Transfer (NEFT) facility will continue to function as before. “Thus, RTGS facility will not be available from 00:00 hrs to 14:00 pm on Sunday,” rbi said. The NEFT system will continue to function as before. ‘

What is RTGS

The full name of RTGS is Real Time Gross Settlement (Real Time Gross Settlement). This facility is used to transfer money online. It is almost like NEFT. Through this facility, money can be easily and safely transferred from one account to another in real-time. RTGS is especially for customers who are involved in big businesses and transfer large sums of money. Anyone can use the RTGS facility. A minimum of Rs.2 lakh can be transferred from this facility and there is no limit on the maximum amount.

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