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Extension of service window for RTGS transactions

RBI/2008-09/362
DPSS (CO) RTGS No.1288/04.04.002/2008 - 2009

January 28, 2009

Chairman and Managing Director /
Chief Executive Officer of all banks participating in RTGS

Dear Sir,

Extension of service window for RTGS transactions

Please refer to our previous circular DPSS (CO) No. 2118 / 04.04.002 / 2007 - 2008 dated June 25, 2008 on the captioned subject. On a review of RTGS timings, the RTGS Standing Committee has decided to extend RTGS timings for customer’s transactions on Saturdays from 12:00 noon to 12:30 hours and for interbank transactions from 14.00 to 14.30 hours. The new timings have already become effective from January 10, 2009. The new RTGS cut off timings for customer and inter-bank transactions are:

Days

Customer Transactions

Interbank Transactions

Monday - Friday

9.00 hours to 16.30 hours

9.00 hours to 18.00 hours

Saturday

9.00 hours to 12.30 hours

9.00 hours to 14.30 hours

In this connection, we observe that though the RTGS facility has now been extended to more than 53,000 bank branches all over the country, the usage of the system has not increased proportionately. In order to bring the RTGS usage to a desired level, the RTGS member banks are advised to:

1. Extend their customer windows commensurate to RBI business sessions.
2. Popularize the products by educating customers/ advertisements etc.
3. Create a user friendly atmosphere at branch level to increase RTGS usages.
4. Identify such branches having the potential but not using the system.
5. Incentivize the branches for extensive use of RTGS.
6. Make the entire branch network RTGS enabled.
7. Expedite providing RTGS facility to the customers of RRBs sponsored by respective banks.

Please acknowledge receipt and forward an action taken report in due course.

Yours faithfully,

(G. Padmanabhan)
Chief General Manager


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