Bank transactions cannot be done on this date, RBI sent necessary messages

Bank transactions cannot be done on this date, RBI sent necessary messages

Reserve Bank of India has said that the RTGS (Real Time Gross Settlement) service used to send more than two lakh rupees will not be available for 14 hours from midnight on Saturday (17 April). The reason for this is to technically upgrade it to further improve its ‘disaster recovery’ time. At the same time, the National Electronic Funds Transfer (NEFT) used for transactions up to 2 lakh rupees will continue to work as before.

Exercise to improve disaster recovery

The Reserve Bank on Monday said that after the business ends on 17 April 2021, RTGS will be technically upgraded to improve the capacity of the RTGS system and further improve the ‘disaster recovery’ (disaster recovery) time. According to the statement, ‘Therefore RTGS service will not be available on April 18, 2021 from 00:00 (Saturday night) to 14.00 (Sunday).’

RTGS service available 24×7 from 14 December

RBI said that member banks can inform their customers for their payment operations plan accordingly. RTGS facility is available 24 hours from 14 December last year. With this, India is among the few countries where this facility works for 24 hours.

In order to increase the digital payment safely, the limit of transactions that can be done without contact through UPI or card will be increased from Rs. 2 thousand to Rs. 5 thousand from 1 January 2021.

Explain that in order to promote digital payments in the country, the Reserve Bank stopped charging fees from transactions from NEFT and RTGS from July 2019. NEFT is used in transactions up to two lakh rupees, while large transactions are done through RTGS.

Financial Literacy Centers (CFLs) are currently working in 100 divisions to promote financial literacy among the people. He said that by March 2024, such centers will be built in all divisions.