New FAQ Page 2 - ਆਰਬੀਆਈ - Reserve Bank of India
Real Time Gross Settlement System (RTGS) System
Ans. RTGS offers many advantages for funds transfer:
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It is a safe and secure system for funds transfer.
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RTGS transactions / transfers have no amount cap set by RBI.
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The system is available on all days on 24x7x365 basis. There is real time transfer of funds to the beneficiary account.
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The remitter need not use a physical cheque or a demand draft.
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The beneficiary need not visit a bank branch for depositing the paper instruments.
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The beneficiary need not be apprehensive about loss / theft of physical instruments or the likelihood of fraudulent encashment thereof.
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Remitter can initiate the remittances from his / her home / place of work using internet banking, if his / her bank offers such service.
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The transaction charges have been capped by RBI.
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The transaction has legal backing.
Ans. RTGS is available 24x7x365 with effect from December 14, 2020.
Ans. The remitting customer has to furnish the following information to a bank for initiating an RTGS remittance:
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Amount to be remitted
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The account number to be debited
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Name of the beneficiary bank and branch
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The IFSC number of the receiving branch
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Name of the beneficiary customer
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Account number of the beneficiary customer
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Sender to receiver information, if any
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Sender and Beneficiary Legal Entity Identifier (for eligible transactions)
Ans. The IFSC number can be obtained by the remitter (customer) from his / her bank branch. Alternatively, it is available on the cheque leaf of the beneficiary. This code number / bank branch information can be communicated by the beneficiary to the remitting customer. The list of IFSCs is also available on the RBI website at the link https://rbi.org.in/Scripts/Bs_viewRTGS.aspx?Category=5. The list is updated on a fortnightly basis.
Ans. For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch need to be RTGS enabled. Presently, there are more than 1,60,000 RTGS enabled bank branches, the list of which is available on the RBI website at the link https://rbi.org.in/Scripts/Bs_viewRTGS.aspx?Category=5. The list is updated on a fortnightly basis.
Ans. The following should be ensured while putting through a funds transfer transaction using RTGS –
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Originating and destination bank branches are part of the RTGS network.
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Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter.
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Extreme care should be exercised in providing the account number of the beneficiary, as, during processing RTGS transactions, the credit will be given to the customer’s account solely based on the account number provided in the RTGS remittance instruction / message.
Ans. Transactions in RTGS happen in real time and it is not possible to match name and account number before affording credit to the beneficiary. Since name in the Indian context is spelt differently and would not really match with that available with the beneficiary bank, the process of affording credit solely based on the account number of the beneficiary has been enabled.
Our Circular Ref. No. DPSS (CO) EPPD No. / 863 / 04.03.01 / 2010-11 dated October 14, 2010 on ‘Electronic payment products – Processing inward transactions based solely on account number information’ (available at https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6043&Mode=0) may be referred to for further details.
Ans. The customer can contact his / her bank / branch if there is an issue of delay / non-credit to the beneficiary account. The details of Customer Facilitation Centre of member banks are also available on the website of RBI at https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2070.