New RTGS system to be launched by RBI on 19th October
The revamped real-time gross settlement (RTGS) system is to be introduced by The Reserve Bank of India (RBI) system on October 19 to facilitate online real-time settlements of payments.
The RTGS system would process transactions such as inter-institutional/inter-bank transactions � the transfer of funds between two members/participants �RBI said in a statement. It would also deal with customer transactions � funds transfer/receipt on behalf of the customer of an RTGS participant member.
Government transactions �transfer/receipt of funds on behalf of government accounts by a participating member � would also be carried out. Broadly, four types of participants use the RTGS system� the central bank, regular participants such as banks, restricted participants such as primary dealers and clearing houses.
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