RBI to launch new RTGS system from Oct 19

Reserve Bank of India (RBI) will introduce revamped Real-Time Gross Settlement System (RTGS) from October 19, 2013 to facilitate on-line real time settlement of payments. The revised platform will be used for settlement of transactions amongst members. The RTGS System will process transactions like Inter-institutional \ inter-bank transaction that is funds transfer purely between two members / participants, RBI said a statement. 

It would also deal with Customer transaction – funds transfer / receipt on behalf of the customer of a RTGS participant member. Government transaction – Funds transfer/receipt on behalf of Government Accounts by a participating member.

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