RTGS Facility in India
Q. As per the RBI Guidelines, on which of the following days RTGS facility will not operate?- Published on 07 Feb 17a. 1st Monday & 4th Saturday of the month
b. 2nd Saturday & 4th Saturday of the month
c. All Saturdays & 4th Saturday of the month
d. All Saturdays & 2nd Saturday of the month
ANSWER: 2nd Saturday & 4th Saturday of the month
The Reserve Bank has said that the Real-time gross settlement - RTGS system will not be operated on second and fourth Saturdays with banks observing public holiday on those days.
The minimum amount to be remitted through RTGS is Rs 2 lakh while there is no upper ceiling.
Real-time gross settlement systems (RTGS) are specialist funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real time" and on a "gross" basis.
"Gross settlement" means the transaction is settled on one-to-one basis without bundling or netting with any other transaction.
"Settlement" means that once processed, payments are final and irrevocable.
RTGS systems are typically used for high-value transactions that require and receive immediate clearing.
