6.35 lakh daily RTGS transactions valued at Rs4.17 trn
India will become one of the few countries in the world to operate its RTGS system round-the-clock throughout the year and this has materialised within a year of operationalising NEFT 24×7 by the Reserve Bank.
It was on October 9, 2020, the RBI had announced in its Statement on Developmental and Regulatory Policies released by the Governor, Dr Shaktikanta Das, that the Real Time Gross Settlement System (RTGS) will be made available round-the-clock on all days of the year.
RTGS has begun its operations on March 26, 2004 with a soft launch involving four banks, and presently it handles 6.35 lakh transactions daily for a value of Rs4.17 lakh crore (Rs4.17 trillion) across 237 participant banks
Present ticket size at Rs5.8 mn
The average ticket size for RTGS in November 2020 was Rs57.96 lakh making it a truly large value payment system. RTGS uses ISO 20022 format which is the best-in-class messaging standard for financial transactions.
The feature of positive confirmation for credit to beneficiary accounts is also available in RTGS. The RBI statement said that the round-the-clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems.
“This can also be leveraged to enhance operations of Indian financial markets and cross-border payments,” it further said.