What changed
The RTGS Standing Committee extended Saturday timings: customer transactions now close at 12:30 PM (previously 12:00 noon) and interbank transactions at 2:30 PM (previously 2:00 PM). Weekday timings remain unchanged: customer transactions 9:00 AM to 4:30 PM, interbank 9:00 AM to 6:00 PM.
What it means for you
Banks get an extra 30 minutes on Saturdays to process customer and interbank RTGS payments, which can improve settlement efficiency and customer convenience. However, RBI flagged that despite RTGS being available at over 53,000 branches, usage hasn't kept pace, signalling a need for banks to actively promote and enable the system across their networks.
What you must do
- Align your branch customer windows with the new RTGS business hours, including the extended Saturday timings.
- Launch customer education and advertising campaigns to popularise RTGS as a payment option.
- Identify high-potential branches that are not using RTGS and make them RTGS-enabled.
- Incentivise branches to increase RTGS transaction volumes and ensure full network coverage.
- Expedite RTGS facility rollout for customers of RRBs sponsored by your bank.
Who it affects
All banks participating in RTGS, Bank branch managers and operations teams, Customers using RTGS for fund transfers, Regional Rural Banks (RRBs) sponsored by member banks
What are the new RTGS cut-off timings on Saturdays?
Customer transactions: 9:00 AM to 12:30 PM. Interbank transactions: 9:00 AM to 2:30 PM. These timings took effect from January 10, 2009.
Why did RBI issue this circular despite extending timings?
RBI observed that RTGS usage had not grown proportionately with its expanded branch network of over 53,000 branches. The circular aims to push banks to actively promote, enable, and incentivise RTGS usage.
What actions does RBI expect from banks?
Banks must extend customer windows to match RBI sessions, educate customers, create user-friendly branch environments, identify non-using branches, incentivise usage, enable the entire branch network, and fast-track RTGS for RRB customers.