Real-time gross settlement (RTGS) will be available for customers 24x7 in the next few days, RBI Governor Shaktikanta Das said on Friday while keeping the key interest rates on hold.
RTGS is a fund transfer mode used for large-value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh with no maximum limit. Earlier, it was available from 7 am to 6 pm on all working days of a week, except the second and fourth Saturdays of every month.
This is mainly done in order to boost the adoption of digital payments.
Meanwhile, in other major policy decisions, the key lending rate of the RBI or the repo rate was left unchanged at 4 percent while the reverse repo rate or the key borrowing rate stayed at 3.35 percent.
The central bank has slashed the repo rate by 115 basis points (bps) since late March to cushion the shock from the coronavirus crisis and sweeping lockdowns to check its spread.
Also, the RBI projected FY21 real GDP contraction at 7.5 percent as against an expectation of 9.5 percent contraction earlier.
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