Money Transfer Online Rule Change | Latest News

Do large amounts transfer online? Rules related to this will change next month, you should also know

There are changes in the rules according to the need of the time. The banking and finance sectors are also not untouched by this. Now the talk of fund transfer is bound to come to the fore as soon as the banking sector is mentioned. In the recent years and especially in the last few months, the trend of online money transfer has increased in the country. In this episode, we talk about RTGS. You will be aware that people use this medium to transfer more than two lakh rupees online. There is going to be a big change in the rules related to RTGS from the beginning of December.
Money transfer online rule change

RTGS can now be done at any time

From December 1, real-time gross settlement will be available seven days a week and all days of the year. Earlier, money could be transferred through this system from 7 am to 6 pm on all working days except the second and fourth Saturday of the month. This is quite a relief for small and big businessmen, who will no longer have to wait for the bank's working day to transfer large amounts. Last year itself, NEFT facilities also started getting 24 hours.

RBI governor announced

Shaktikanta Das, Governor of the Reserve Bank of India, informed that after the bi-monthly meeting of the Monetary Policy Committee last month, the facility of real time gross settlement will be available 24x7 from December this year.
He had said, "In December 2019, the National Electronic Funds Transfer (NEFT) facility was made available by RBI at 24x7x365 and the system is functioning smoothly." It has been decided to make the RTGS system available all day to provide a smooth payment system in real time to domestic traders and institutions.

India will be included in select countries

Das had said that after implementing RTGS on the basis of 24x7x365, the doer would become one of the very few countries in the world where large sums could be sent at any time. This will help in creating eco-systems suitable for large payments and promoting business ease.

How does money transfer system work in India

Under the RTGS system, the bank branch of the beneficiary receives the money in real time by transferring money. After this, the bank has to credit the money to the beneficiary account within two hours.