Reserve Bank of India to extend RTGS deadline to 6 PM from June 1

The Reserve Bank of India has decided to extend the usage timings for `Real Time Gross Settlement` (RTGS) system from June 1. A notification to this effect was issued on Tuesday.

RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. 

However, the system does not works on a 24-hour basis. 

The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI`s end. 

"It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4.30 p.m. to 6 p.m.

"The time-varying charges for transactions in RTGS from 13:00 hours (1 p.m.) to 18:00 hours (6 p.m.) shall be Rs 5 per outward transaction," it said.