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In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis.
Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except the second and fourth Saturdays of every month.
RBI Governor Shaktikanta Das said that to support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India’s efforts to develop international financial centres and to provide wider payment flexibility to domestic corporate and institutions, it has been decided to make RTGS available round-the-clock on all days.
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The round-the-clock RTGS facility will be made effective from December 2020.
From July 2019, RBI stopped levying charges on transactions through NEFT and RTGS, with an aim to promote digital transactions in the country.
RTGS is meant for large-value instantaneous fund transfers while NEFT is used for fund transfers of up to Rs 2 lakh.