CONTEXT:

• To facilitate high-value fund transfers, the Reserve Bank of India (RBI) has announced an extension of timings for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to 06 PM.
• In a notification, issued from Mumbai RBI that new timing will be effective from 1st June.
• The RTGS is an online fund transfer system, supported by the RBI, which enables money transaction on a real-time basis.
• The minimum amount for the transaction under this system is Rs 2 lakh. There is no upper limit on the value of funds that can be transferred via the RTGS system.