Reserve Bank of India (RBI): RBI state that the Real-Time Gross Settlement (RTGS) facility won won’t be work on April third Sunday. This facility is not available for at least 14 hours on 18 April’ 2021. NEFT money transfer option is available on April 18, said in a statement by India’s Central bank.
Last week, for the non-bank payment system operators Central Bank, increased the NEFT and RTGS facilities, But from now Prepaid Payment Instrument (PPI) issuers, (TReDS) and White label ATM operators can use these NEFT and RTGS modes easily.
Prepaid Payment Instrument (PPI) issuers, card networks, White label ATM operators and Trade Receivables Discounting System (TReDS) platforms can use NEFT and RTGS modes.
Mainly RTGS is used for large fund transfer while NEFT is mostly used to transfer small funds.
Central Bank Statement 1: “A technical upgrade of RTGS, targetted to enhance resilience & to further improve disaster recovery time of RTGS system, is scheduled after close of biz of Apr 17. Accordingly, RTGS service won’t be available from 00:00 hrs to 14.00 hrs on Sunday, 18 April,”
Central Bank Statement 2: “Member banks may inform their customers to plan their payment operations accordingly,” it further added. “RTGS Members will continue to receive event update(s) through system broadcasts,”
Banking Regulator Statement: “This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments. These entities will, however, not be eligible for any liquidity facility from the Reserve Bank to facilitate settlement of their transactions in these CPSs. Necessary instructions will be issued separately,”