RTGS - increase in operating hours

RBI has vide circular dated 21st August, 2019 extended the RTGS operating hours from 7.00 a.m. instead of from 8.00 a.m. The closing hours continues to be 6.00 p.m. This is effective from Monday, 26th August, 2019

Gist of RBI circular follows:

A reference is invited to the circular DPSS (CO) RTGS No. 2488/04.04.016/2018-19 dated May 28, 2019 on ‘Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer Transactions’.

2. 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. In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am.

3. The RTGS time window with effect from August 26, 2019 will, therefore, be as under:

Sr. No.	Event	Time
1.	Open for Business	07:00 hours
2.	Customer transactions (Initial Cut-off)	18:00 hours
3.	Inter-bank transactions (Final Cut-off)	19:45 hours
4.	IDL Reversal	19:45 hours - 20:00 hours
5.	End of Day	20:00 hours

4. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007).

RTGS - extension of timings

RBI circular dated 28th May 2019

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11564&Mode=0

Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer Transactions

A reference is invited to circular DPSS (CO) RTGS No.492/04.04.002/2015-16 dated September 1, 2015 on ‘Changes in RTGS time window’ and circular DPSS (CO) RTGS No.1926/04.04.002/2015-16 dated February 4, 2016 on ‘RTGS service charges for members and customers - Rationalisation’.

2. It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm. Accordingly, the RTGS time window with effect from June 01, 2019 will be as under:

Sr. No.	Event	Time
1.	Open for Business	08:00 hours
2.	Customer transactions (Initial Cut-off)	18:00 hours
3.	Inter-bank transactions (Final Cut-off)	19:45 hours
4.	IDL Reversal	19:45 hours - 20:00 hours
5.	End of Day	20:00 hours

3. The time-varying charges for transactions in RTGS from 13:00 hours to 18:00 hours shall be ₹ 5 per outward transaction. The time varying charges structure is as under:

Sr. No.	Time of Settlement at the Reserve Bank of India		Time varying charge per outward transaction (in addition to flat processing charge) (exclusive of tax, if any)
	From	To
1	08:00 hours	11:00 hours	Nil
2	After 11:00 hours	13:00 hours	₹ 2.00
3	After 13:00 hours	18:00 hours	₹ 5.00
4	After 18:00 hours		₹ 10.00

4. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007).

RTGS charges for customers - revision

RBI has vide its notification dated 4th february, 2016 revised the RTGS charges for bank members and customers alike. The variation in charges for customers which will come into effect from 1st
april, 2016 is as follows:

1) Processing charges per transaction: - There will be a flat processing charge of Rs.0.50 per outward transaction and a time varying charge as follows:

Between 8 to 11 hours - NIL
From 11 hours to 13 hours - Rs.2 per transaction
From 13 hours to 1630 hours - Rs.5 per transaction
After 1630 hours - Rs. 10 per transaction

The time is reckoned as settlement at RBI. All charges are out outward transactions, NONE for inward transaction. All rates mentioned above are exclusive of service tax.

2) The maximum anount that the member can recover from its customer (if it so desires) will remain unchanged as under:

For inward transactions NIL
For outward transactions
Amount between Rs.2 lakhs to Rs.5 lakhs - Rs.25 plus applicable time varying charge, subject to maximum of Rs.30/-
Amount above Rs.5 lakhs - Rs.50 plus applicable time varying charge, subject to maximum of Rs.55/-

The RBI notification is available here i.e. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10260&Mode=0