{"id":17900,"date":"2019-05-29T19:15:22","date_gmt":"2019-05-29T13:45:22","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=17900"},"modified":"2019-12-19T14:13:19","modified_gmt":"2019-12-19T08:43:19","slug":"new-rbi-notification-rtgs-time-extended","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/new-rbi-notification-rtgs-time-extended\/","title":{"rendered":"New RBI Notification: RTGS Time Extended"},"content":{"rendered":"<p class=\"has-drop-cap\">The Reserve Bank of India in its new notification made an important announcement about the RTGS (Real Time Gross Settlement) system for customer transactions. The RTGS time extended by one and a half hour. The timings are extended from 4:30 pm to 6 pm. The new notification will be in implementation form 1<sup>st<\/sup> of June 2019.<br> <br><strong> The transactions will now take place in three shifts.<\/strong><\/p>\n\n\n\n<ul><li>The first window will open from 8 am to 11 am.<\/li><li>The second window will open from 11 am to 1 pm.<\/li><li>The third window will open from 1 pm to 6 pm.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Important Details About RTGS Time Extended Notification<\/strong><\/h2>\n\n\n\n<p>The <strong>first window <\/strong>of the transaction (8 am to 11 pm) will <strong>not be chargeable.<\/strong>The<strong> second and third window will charge Rs. 5 <\/strong>for every transaction between 1 pm to 6 pm.The <strong>final cut off time<\/strong> for inter-bank transactions <strong>will be 7:45 pm.<\/strong><\/p>\n\n\n\n<p>The Real Time Gross settlement is a\npayment mechanism that operates on a transactional <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a> instead of netting\nbasis. The benefit of this system is that the transaction happens in order to\norder basis and immediately and not in some later time. <\/p>\n\n\n\n<div class=\"form-blog-2\">\n\n<h2>Fintech Report 2020<\/h2>\n\n<p>Complete Overview of the World Fintech Industry<span class=\"text-orange\"><strong><\/strong><\/span><\/p>\n\n<a class=\"btn-callback-blog input-tr-blog mt-3\" href=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/ebook\/fintech-report-2020.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Download<\/a>\n\n<\/div>\n\n\n\n<p>The RTGS system is primarily in use for transferring a larger amount of funds. The minimum amount of fund that can be remitted through RTGS is Rs. 2 Lakh. Additionally, there is no upper or maximum ceiling for fund transfers. However, these conditions may vary from bank to bank.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"626\" height=\"500\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/NTFS-time-limit-extended-by-RBI.jpg\" alt=\"RTGS time extended by RBI\" class=\"wp-image-17902\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/NTFS-time-limit-extended-by-RBI.jpg 626w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/NTFS-time-limit-extended-by-RBI-300x240.jpg 300w\" sizes=\"(max-width: 626px) 100vw, 626px\"\/><figcaption>Bank<\/figcaption><\/figure><\/div>\n\n\n\n<p>The RTGS system is primarily in use for large value transactions. The minimum transfer amount through RTGS is &#8377;2 lakh with no upper or maximum ceiling.<\/p>\n\n\n\n<p>NEFT (National Electronic Fund\nTransfer) is another mode of\npayment transfer. However, in NEFT, there is no limit for a minimum or maximum\namount for fund transfers.<\/p>\n\n\n\n<p>The drawback of NEFT is that it operates in hourly batches. This means that if funds are transferred through RTGS, then they will reach the receiver in real time. On the other hand, if they take place through NEFT, then they will be transferred in the next batch of payment released by the bank as per the current <a href=\"https:\/\/www.rbi.org.in\/home.aspx\">RBI<\/a> guidelines. This payment takes place in hourly slots.<\/p>\n\n\n\n<p>ALSO READ-  <a href=\"https:\/\/enterslice.com\/learning\/rbi-banking-ombudsman-scheme-2006\/\">RBI&rsquo;s Banking Ombudsman Scheme, 2006<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India in its new notification made an important announcement about the RTGS (Real Time Gross Settlement) system for customer transactions. The RTGS time extended by one and a half hour. The timings are extended from 4:30 pm to 6 pm. The new notification will be in implementation form 1st of June [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":17901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1174],"tags":[1096],"acf":{"service_id":"220"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New RBI Notification: RTGS Time Extended - Enterslice<\/title>\n<meta name=\"description\" content=\"RTGS time extended for customer transactions as per the latest notification by the RBI.The RTGS time is extended by one and half hour.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/new-rbi-notification-rtgs-time-extended\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New RBI Notification: RTGS Time Extended - Enterslice\" \/>\n<meta property=\"og:description\" content=\"RTGS time extended for customer transactions as per the latest notification by the RBI.The RTGS time is extended by one and half hour.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/new-rbi-notification-rtgs-time-extended\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-29T13:45:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-19T08:43:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/RBI-Transaction.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Akash Dubey","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/DSC_04891.jpg","authorDescription":"Akash Dubey is a Law Graduate and works as an\r\nAdvisor at Enterslice. He is proficient in Legal\r\nand Financial Advisory. His expertise in the\r\nskills of Legal and Financial Research is an aid\r\nto his strengths as an Advisor.","postViews":478,"readingTime":2,"nextPost":{"id":18086,"slug":"rbi-aadhaar-kyc-mechanism-for-banks"},"prevPost":{"id":17833,"slug":"startups-get-angel-tax-relief-dpiit-secretary"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/RBI-Transaction.jpg","postTerms":"Fintech","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/17900"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=17900"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/17900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/17901"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=17900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=17900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=17900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}