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The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the
continuous (real-time) settlement of funds transfers individually on an order by order basis
(without netting). 'Real Time' means the rocessing of instructions at the time they are
received rather than at some later time! 'Gross Settlement' means the settlement of funds
transfer instructions occurs individually (on an instruction by instruction basis). "onsidering
that the funds settlement ta#es lace in the boo#s of the Reserve $an# of %ndia, the
ayments are final and irrevocable.
&ns. '()T is an electronic fund transfer system that oerates on a *eferred 'et Settlement
(*'S) basis which settles transactions in batches. %n *'S, the settlement ta#es lace with
all transactions received till the articular cut-off time. These transactions are netted
(ayable and receivables) in '()T whereas in RTGS the transactions are settled
individually. )or e+amle, currently, '()T oerates in hourly batches. ,There are twelve
settlements from - am to . m on wee# days and si+ settlements from - am to / m on
Saturdays.0 &ny transaction initiated after a designated settlement time would have to wait till
the ne+t designated settlement time "ontrary to this, in the RTGS transactions are
rocessed continuously throughout the RTGS business hours.
&ns. The RTGS system is rimarily meant for large value transactions. The minimum
amount to be remitted through RTGS is ` 1 la#h. There is no uer ceiling for RTGS
transactions.
&ns. 2nder normal circumstances the beneficiary branches are e+ected to receive the
funds in real time as soon as funds are transferred by the remitting ban#. The beneficiary
ban# has to credit the beneficiary's account within 34 minutes of receiving the funds transfer
message.
&ns. The remitting ban# receives a message from the Reserve $an# that money has been
credited to the receiving ban#. $ased on this the remitting ban# can advise the remitting
customer through S5S that money has been credited to the receiving ban#.
&ns. 6es. )unds, received by a RTGS member for the credit to a beneficiary customer7s
account, will be returned to the originating RTGS member within one hour of the receit of
the ayment at the 8% of the reciient ban# or before the end of the RTGS $usiness day,
whichever is earlier, if it is not ossible to credit the funds to the beneficiary customer7s
account for any reason e.g. account does not e+ist, account fro9en, etc. :nce the money is
received bac# by the remitting ban#, the original debit entry in the customer's account is
reversed.
&ns. The RTGS service window for customer's transactions is available to ban#s from ;.44
hours to /<.34 hours on wee# days and from ;.44 hours to /=>44 hours on Saturdays for
settlement at the R$% end. ?owever, the timings that the ban#s follow may vary deending
&ns @ith a view to rationali9e the service charges levied by ban#s for offering funds transfer
through RTGS system, a broad framewor# has been mandated as under>
a) %nward transactions A )ree, no charge to be levied.
b) :utward transactions A ` 1 la#h to ` B la#h - not e+ceeding ` 34.44 er transaction!
&bove ` B la#h A not e+ceeding ` BB.44 er transaction.
&ns. The remitting customer has to furnish the following information to a ban# for initiating a
RTGS remittance>
/. &mount to be remitted
1. Remitting customer7s account number which is to be debited
3. 'ame of the beneficiary ban# and branch
=. The %)S" 'umber of the receiving branch
B. 'ame of the beneficiary customer
<. &ccount number of the beneficiary customer
.. Sender to receiver information, if any
&ns. The beneficiary customer can obtain the %)S" code from his ban# branch. The %)S"
code is also available on the cheCue leaf. The list of %)S"s is also available on the R$%
website (htt>DDrbidocs.rbi.org.inDrdocsDRTGSD*:"sDRTG($4//1.+ls). This code number and
ban# branch details can be communicated by the beneficiary to the remitting customer.
&ns. 'o. &ll the ban# branches in %ndia are not RTGS enabled. 8resently, there are more
than /44,444 RTGS enabled ban# branches. The list of such branches is available on R$%
website at> htt>DDrbidocs.rbi.org.inDrdocsDRTGSD*:"sDRTG($4//1.+ls .
&ns %t would deend on the arrangement between the remitting customer and the remitting
ban#. Some ban#s with internet ban#ing facility rovide this service. :nce the funds are
credited to the account of the beneficiary ban#, the remitting customer gets a confirmation
from his ban# either by an e-mail or S5S. "ustomer may also contact RTGS D '()T
"ustomer )acilitation "entres of the ban#s, for trac#ing a transaction.
&ns. "ontact your ban# D branch. %f the issue is not resolved satisfactorily, comlaint may be
lodged to the "ustomer Service *eartment of R$% at -
The "hief General 5anager
Reserve $an# of %ndia
"ustomer Service *eartment
/st )loor, &mar $uilding, )ort
5umbai A =44 44/
:r send email
&ns. )or a funds transfer to go through RTGS, both the sending ban# branch and the
receiving ban# branch would have to be RTGS enabled. The lists are readily available at all
RTGS enabled branches. $esides, the information is available at R$% website
(htt>DDrbidocs.rbi.org.inDrdocsDRTGSD*:"sDRTG($4//1.+ls). "onsidering that more than
//4,444 branches at more than 34,444 cities D towns D talu#a laces are covered under the
RTGS system, getting this information would not be difficult.