RBI made a big change in this rule related to money, know how you will benefit

new Delhi. The Reserve Bank of India keeps on announcing any new facility to provide better facilities to the customers. Now RBI has made another big announcement. From today, banks have changed an important rule related to money transactions.

In October, the RBI announced to keep the real time gross settlement system operational 24 hours seven days from December 2020. Meaning, you will not have to wait for the bank to open and close to transfer a large amount.

Governor Shaktikanta Das gave the gift to customers while announcing the decisions of the Monetary Policy Committee. Before today the timing of RTGS system for customers was from 7 am to 6 pm. This facility was also closed on the second and fourth Saturdays, when there is a bank holiday.

Explain that RTGS stands for Real Time Gross Settlement System. Meaning as soon as you transfer money, it reaches the account in a short time. When you make a transaction through RTGS, money is transferred to another account soon.

On June 6, 2019, the RBI made a large gift to the general public and made the transaction through real time gross settlement and National Electric Fund transfer free.

From December 16, 2019, 24-hour National Electronic Fund Transfer facility was introduced in all banks. NEFT is used for transactions up to two lakh rupees via internet. Through this money can be sent from any bank account of any branch to the bank account of any branch.

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