Online money transfer to be hit: All banks’ RTGS service will not function this coming Sunday
Online money transfer to be hit: All banks’ RTGS service will not function this coming Sunday

Coming Sunday (April 18, 2021), real-time gross settlement (RTGS) will not be available from 12 am to 2 pm, stated the Reserve Bank of India (RBI). Due to some upgradation activity undertaken, the service will be hit.

RBI stated, “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. Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021.”

RBI informed that National Electronic Fund Transfer (NEFT) system will continue to be operational as usual during this period.

The regulator has asked all the banks to inform their customers to plan their payment operations accordingly. In addition, the banks will continue to receive event updates through system broadcasts, stated RBI.

NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction by transaction basis throughout the day.

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