RBI cuts RTGS deal threshold to Rs1 lakh till Saturday
MDT/PTI 14 June 2012

 

The threshold limit in RTGS System transactions has been cut to Rs1 lakh from existing Rs 2 lakh until 9th June

Mumbai: The Reserve Bank of India on Friday said it has cut down the threshold limit in Real Time Gross Settlement (RTGS) System transactions to Rs1 lakh from existing Rs 2 lakh until 9th June due to some technical issues, reports PTI.
 
"To ensure that customers were not unduly inconvenienced, the Reserve Bank temporarily brought down the threshold limit in RTGS to Rs1 lakh from the existing Rs2 lakh. This arrangement would continue till Saturday, 9 June 2012," RBI said in a notification.
 
There was delay in processing of transactions of RBI's National Electronic Funds Transfer (NEFT) on 5th June due to some technical glitches that resulted into delay in transmission to destination banks.
 
However, issues were addressed to large extent by 6th June, RBI continues to monitor and address some residual issues, it said.
 
The NEFT which is operational since 2005 is a pan-India one-to-one funds transfer system used by individuals, corporates and governments. The transactions in the system are put through various bank branches across the country.
 
Around 18 million transactions are processed every month on an average through this system.
 
The volume of transactions processed in NEFT over the last three years has witnessed 100 per cent year-on-year growth, RBI said.
Comments
MParker
1 decade ago
This is a great thing for India. I wish Square and or mPowa (www.mpowa.com) could bring their businesses there.
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