The RBI governor's big announcement will be a change in money transactions
After a three-day meeting of the RBI MPC, RBI Shaktikanta Das today announced the availability of Real Time Gross Settlement (RTGS) 24x7x365. This facility will be implemented from next week. This means that now you can transfer money 24 hours through RTGS. Note that the current RTGS system is available from 7 am to 6 pm on all working days of the week except the second and fourth Saturdays of the month.
RBI did not change interest rates
In the monetary review meeting of the Reserve Bank of India (RBI) in December, again, there was no change in the key interest rates. This decision has been taken in view of the high level of retail inflation. Retail inflation is currently at a satisfactory level by the Reserve Bank. This is the third time in a row that the six-member Monetary Policy Committee headed by RBI Governor Shaktikanta Das has not changed the repo rate and reverse repo rate. Repo rate is 4 percent, reverse repo rate is 3.35 percent, cash reserve ratio is 3 percent and bank rate is 4.25 percent.
RTGS service is useful
Funds can be transferred immediately through RTGS ie Real Time Gross Settlement. This is useful for large transactions. Transfer of not less than Rs 2 lakh can be done through RTGS. It can be used both online and through bank also branches. There is also no fund transfer charge. But the branch has to pay fees on transfer of funds through RTGS.
Last year, NEFT was made available 24 hours
Prior to that, the National Electronic Funds Transfer (NEFT) above system was made available 24x7x365 in December last year. The RBI stated in its policy that the system has been functioning smoothly since then. According to the central bank, the decision to support ongoing work to support the goal of global integration in Indian financial markets, efforts to develop India's international financial centers, and to provide greater flexibility of payment to domestic corporates and institutions Has been taken.
Earlier, RBI had said that the 24-hour RTGS service will help in efforts to integrate the Indian financial market with the development of the global market and international financial centers in India, making it easier for Indian companies and institutions to pay.
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RBI has closed the transaction of money made by NEFT and RTGS from July 2019. This step has been taken for digital transactions in the country, a large amount can be transferred instantly through RTGS, while NEFT is used to send up to Rs 2 lakh.