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Monday, 26-Jun-2017  02:17:44 AM

RTGS (Real Time Gross Settlement) is an electronic payment platform of Reserve Bank of India which provides online settlements between participating Banks. Instead of payments through cheques, with Real Time Gross Settlement System banks can route payments through on-line messages to RBI’s RTGS Payment Gateway. As electronic messages move instantaneously the transactions can be concluded immediately unlike in the case of cheque clearing. With RTGS, money would move faster and transactions would be settled in a matter of minutes and the payee would have funds in his account within a maximum time-frame of two hours of the settlement at cost less than Demand Draft charges.

Using RTGS Customers of the Bank can remit Rs. 2 Lakh and above to the beneficiary’s account in another Bank. At present more than 110 Banks and more than 80115 Branches are participating in RTGS system across the country. The fund transfer requests under RTGS are allowed between 9.00 a.m. to 4.00 p.m. on all Working Days.

In RTGS environment the payer has to inform his bank to debit his account and credit the payee’s account with any other RTGS member bank, with an equivalent amount. Accordingly the payer’s bank will debit his customer’s account and will send credit instruction through RBI RTGS Gateway to the beneficiary’s (payee’s) bank to credit the amount to the beneficiary’s account. Meanwhile the funds are transferred from remitting bank to the receiving bank through RBI. In similar way a customer can receive the remittance from their counter parties maintaining accounts with other RTGS member banks. For sending the fund through the RTGS the customer has to fill the Electronic Fund Transfer Request Form (available at branch) with the necessary details, such as Name of the beneficiary, Name of the Bank and Branch, A/c No. and IFSC Code of the beneficiary’s Bank/Branch. For receiving the funds the customer needs to inform the IFSC Code of his Branch his Bank and Branch name, Type of Account and Account Number to the remitter of the funds. The remitter will approach his banker (RTGS member) to remit the funds to the customers account.

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