CURRENT AFFAIRS

Detailed explanation-1: -Reserve Bank had announced in the Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on December 14, 2020.

Detailed explanation-2: -2. Members are advised as under: RTGS shall be available for customer and inter-bank transactions round the clock, except for the interval between ‘end-of-day’ and ‘start-of-day’ processes, whose timings would be duly broadcasted through the RTGS system.

Detailed explanation-3: -At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm.

Detailed explanation-4: -2) Earlier, transfer of funds through the system was available for customer transactions from 7.00 am to 6.00 pm on all working days of a week. Now, the transfer of funds can be done round-the-clock. 3) The RTGS system is primarily meant for high-value transactions. It happens on a real-time basis.