RTGS money transfer service won’t be available for 14 hours on April 18 due to ‘technical upgrade’: RBI

NEW DELHI: The Reserve Bank of India (RBI) on Monday said that RTGS (real-time gross settlement) money transfer service will not be available for 14 hours on Sunday (April 18) due to “technical upgrade”.
“A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021,” the central bank stated in a notification.

“Accordingly, RTGS service will not be available from 00:00 hrs (hours) to 14.00 hrs on Sunday, April 18, 2021. The NEFT (national electronic funds transfer) system will continue to be operational as usual during this period,” the notification added.
The Reserve Bank further mentioned that “member banks may inform their customers to plan their payment operations accordingly” and “RTGS members will continue to receive event update(s) through system broadcasts”.
RTGS is meant for large-value instantaneous fund transfers; while NEFT is a popular mode for small-value transactions.

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