MUMBAI, Nov. 30 (Xinhua) -- Indian banks will provide fund transfer round the clock through Real-Time Gross Settlement (RTGS) for large value transactions effective Tuesday.
The decision was taken by India's Central Bank in October in order to boost the adoption of digital payments and making Asia's third largest economy one of the few countries in the world to have RTGS round the clock.
Currently, RTGS is available for customers between 7.00 am to 6.00 pm local time on all working days of a week, except second and fourth Saturdays of every month.
In October, terming the move as a support to the ongoing efforts aimed at global integration of Indian financial markets, Reserve Bank of India Governor Shaktikanta Das said that it would facilitate India's efforts to develop international financial centers and to provide wider payment flexibility to domestic corporate and institutions.
In July 2019, India's Central Bank had stopped levying charges on transaction through National Electronic Fund Transfer (NEFT) and RTGS in a bid to promote digital transactions. Enditem
