Big announcement by RBI! RTGS payments to be available 24x7: What it means for consumers
While the entire focus was on RBI's decision to keep the rates unchanged, Governor Shaktikanta Das made another major announcement - he has allowed Real Time Gross Settlement (RTGS) payment system to be made available round the clock from December 2020 to make online fund transfer smooth.
RTGS or Real Time Gross Settlement payment system refers to funds transfer system that allows for the instantaneous transfer of money and/or securities. Source - PTI.