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

Reserve Bank Of India

RBI/2018-19/189
DPSS (CO) RTGS No. 2488/04.04.016/2018-19

May 28, 2019

The Chairman / Managing Director / Chief Executive Officer
of member banks participating in RTGS

Madam / Dear Sir,

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:

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:

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

Yours faithfully,
sd/-
(Sangeeta Lalwani)
General Manager (Officer in Charge)

View RBI Notification
What is RTGS? and What is NEFT?
RTGS / NEFT – FAQ

1. What is Inter Bank Transfer?

Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer – RTGS and NEFT. Both these systems are maintained by Reserve Bank of India.
RTGS – Real Time Gross Settlement – This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.

NEFT – National Electronic Fund Transfer – This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, NEFT operates in half hourly batches currently there are 23 settlements on all working days including working Saturday (Excluding Sundays / Holidays / 2nd and 4th Saturdays): 08.00 AM to 07:00 PM.

The above mentioned facilities are available to both Retail and Corporate Internet Banking users of SBI (provided they have availed transaction rights).

2. What is the minimum/maximum amount for RTGS / NEFT transactions under Retail Internet Banking?

3. What is the minimum/maximum amount for RTGS / NEFT transactions under Corporate Internet Banking?

4. When does the beneficiary get the credit for a RTGS payment?

Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message.

5. When does the beneficiary get the credit for a NEFT payment?

As stated above, NEFT operates in half hourly batches. Currently there are twenty three settlements from 8 am to 7 pm on all working days including working Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5.30 pm on all working days including working Saturdays on the same day. For transactions settled in the 6.30 and 7 pm batches on all working days including working Saturdays, the credit will be afforded either on the same day or on the next working day.

6. If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?

Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.

7. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.

8. At what time during the day/week the RTGS & NEFT services are available?

9. What are the security measures/steps to be adopted while using Mobile Online SBI?

For effecting an RTGS / NEFT remittance the remitter has to furnish the following information:…

10. How to find the IFSC code of the beneficiary branch?

In Onlinesbi, the remitter has the option of selecting the location of the destination Bank Branch in case the IFSC code is not known. If the correct values are selected for Bank, State and Branch, the IFSC code is automatically updated.

11. Do all bank branches in India provide RTGS & NEFT services?

No. RTGS and NEFT services are enabled only in specific bank branches across the country. A list of such RTGS / NEFT enabled branches can be obtained from the RBI website, http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls for RTGS and http://www.rbi.org.in/scripts/neft.aspx for NEFT.

12. How do I go about using this service?

Avail Internet Banking facility for your account with transaction rights. Contact your SBI branch for the purpose….

13. What are the service charges applicable for RTGS / NEFT transactions?

Charges for RTGS / NEFT are as listed in the following table:…

14. Whom I can contact, in case of non-credit or delay in credit to the beneficiary account for NEFT transaction?

Please contact your bank/branch or the destination bank/branch or the Customer Facilitation Service Centre of the banks.

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RBI clarifies on safe custody of its gold reserves

We have come across reports in certain sections of the print and social media regarding RBI shifting abroad a part of its gold holding in 2014.

It is a normal practice for Central Banks world over, to keep their gold reserves overseas with Central Banks of other countries like Bank of England for safe custody.

It is further stated that no gold was shifted by the RBI from India to other countries in 2014 or thereafter. Thus the media reports cited above are factually incorrect.

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“All agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8.00 p.m. on March 31, 2018”

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2017-18)

RBI/2017-18/144
DGBA.GBD.No.2388/42.01.029/2017-18

March 27, 2018

All agency banks

Dear Sir / Madam

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2017-18)

The Government of India has desired that all government transactions with banks for Financial Year 2017-18 must be accounted for within the same financial year and has requested that, as in previous years, certain special arrangements be made for this purpose. Accordingly, all agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8.00 p.m. on March 31, 2018. All electronic transactions, including RTGS and NEFT, will continue till midnight on March 31, 2018. Banks may give adequate publicity to the special arrangements made.

Yours faithfully

(Partha Choudhuri)
General Manager

View order

Authority: www.rbi.org.in

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CIBIL Negative Reports

Lenders exercise their commercial judgement to grant loan or otherwise to borrowers based on the Board-approved policies of banks and financial institutions (FIs). Information contained in Credit Information Reports (CIRs) obtained from Credit Information Companies (CICs, which include TransUnion CIBIL Limited, formerly Credit Information Bureau (India) Limited) is one of the factors in the credit appraisal process.

The decision to approve or reject a loan is taken on a holistic basis, taking into account all relevant factors forming part of the credit appraisal process, and not on the basis of CIRs alone, and as such non-approval of loan cannot be ascribed solely to defaults.

No information is maintained regarding whether a customer has become a defaulter knowingly or unknowingly. RBI has directed CICs to provide access in electronic format, upon request, one Free Full Credit Report once in a year to individuals whose credit history is available with CICs.

CICs only provide CIRs and do not provide any defaulters list. As per the reporting practice of TransUnion CIBIL Limited, amount overdue is displayed in CIR and indicates the total amount that has not been paid to the lender in a timely fashion, which includes principal and interest amount. No change in this practice, or any other steps in this regard, is under consideration of the Government.

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It has come to the notice of the Reserve Bank that in certain places there is reluctance on part of traders and members of public to accept ₹ 10 coins due to suspicion about their genuineness.

It is clarified that the Reserve Bank puts into circulation, the coins minted by mints, which are under the Government of India. These coins have distinctive features to reflect various themes of economic, social and cultural values and are introduced from time to time.

As coins have longer life, coins of different designs and shapes circulate in the market at the same time. So far the Reserve Bank has issued ₹ 10 coins in 14 designs and the public has been informed of their distinctive features through Press Releases (list appended). All these coins are legal tender and can be accepted for transactions.

The Reserve Bank has in the past also issued a Press Release (November 20, 2016) requesting members of the public to continue to accept coins of ₹ 10 denomination as legal tender in all their transactions without any hesitation.

The Reserve Bank has also advised banks to accept coins for transactions and exchange at all their branches.

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