NEW DELHI: The Real Time Gross Settlement System (RTGS) aimed at high-value transactions will be available round-the-clock from Monday midnight, making India one of the countries in the world to operate the system 24X7.

The RBI had in October, announced that RTGS will be available round-the-clock on all days of the year.

“RTGS facility becomes operational 24X7 from 12.30 am tonight. Congratulations to the teams from RBI, IFTAS and the service partners who made this possible,” RBI Governor Shaktikanta Das said in a tweet.

With this, India will become one of the few countries in the world to operate its RTGS system round-the-clock, according to The Indian Express.

NEFT is a popular mode for small-value transactions.

RTGS presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks.

The average ticket size for RTGS in November 2020 was Rs 57.96 lakh, making it a truly large value payment system, the report said.

The RTGS uses ISO 20022 format which is the best-in-class messaging standard for financial transactions.

The feature of positive confirmation for credit to beneficiary accounts is also available in RTGS. The Indian Express reported.

The RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levied charges on their customers.

RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh.

(With inputs from The Indian Express)