The government of India (GOI) has defined new RTGS rules for banking customers who largely rely on internet banking for a large sum of transactions. GOI has been constantly working towards the direction of the digital economy by pushing the adoption of digital payments. The new RTGS rule is another step towards boosting the adoption of digital payments .
GOI is constantly working towards the direction of the digital economy by pushing the adoption of digital payments. The new RTGS rule is another step to make more people rely more on RTGS than the conventional method of payment through cheques.
From December 01, 2020, all the internet banking customers can make use of RTGS round the clock and all the seven days of a week.
Secondly, The Reserve Bank of India said the proposed Positive Pay System for Cheque Truncation System will be introduced from January 1 next year and will be developed by the National Payments Corporation of India.
NPCI shall develop the facility of Positive Pay in CTS and make it available to participant banks. Banks, in turn, shall enable it for all account holders issuing cheques for amounts of ₹50,000 and above,” the RBI said.
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