Reserve bank of India, in regard to RTGS, has decided that

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	There would be accessible to all retail customers.
B	There would be no floor ceiling for routing transactions through RTGS
C	Settlement of transactions of the clearing corporations of India and the stock market would be conducted through RTGS.
D	All of the above

Explanation:

Detailed explanation-1: -RTGS transactions / transfers have no amount cap set by RBI. The system is available on all days on 24x7x365 basis. There is real time transfer of funds to the beneficiary account. The remitter need not use a physical cheque or a demand draft.

Detailed explanation-2: -In general terms, for an individual participant in an RTGS system the four possible sources of funds are (a) balances maintained on account with the central bank, (b) incoming transfers from other banks, (c) credit extensions from the central bank and (d) borrowing from other banks through the money markets.

Detailed explanation-3: -(v) ‘Centralised Payment System’ means and includes Real Time Gross Settlement (RTGS) System, National Electronic Funds Transfer (NEFT) System5 and any other system as may be decided by RBI from time to time.

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