The Reserve Bank of India (RBI) reported on Monday that the Real Time Gross Settlement System (RTGS) money transfer facility will be inaccessible for 14 hours on Sunday, April 18, from 00:00 to 14:00 hours, as part of a technical update to improve the system’s stability. Concerning the same RBI stated in a press release that “A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021.”
In addition, the press release also said that “Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021.”
The Reserve Bank of India also stated that the other payment mechanism, National Electronic Funds Transfer (NEFT), will remain active during this period. The central bank has also requested that its member banks must inform their customers so that they can schedule their payment operations accordingly. RTGS users will continue to get case updates via system broadcasts, according to the RBI. Real-Time Gross Settlement (RTGS) is one of the mechanisms for settling payments to recipients in real time rather than having to wait for a long period of time. Unless the settlements are completed, RTGS facilities are irrecoverable. It is a safe and stable mechanism for transferring funds that has no higher or upper limit and is accessible 24 hours a day, 7 days a week, 365 days a year. The central bank proposed last week to steadily extend RTGS and NEFT facilities to non-bank payment system entities. The aim of the step is to enable non-banks to engage in payment processes.
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