Money can now be transferred through RTGS (Real Time Gross Settlement). The RBI has announced in its Development Regulatory Policy that transactions will be possible 365 days a year, all the time from December 2020.
RTGS is a facility for transferring large sums of money from one bank account to another. Transactions starting from a minimum of Rs 2 lakh can be done through RTGS. There is no upper limit for RTGS transactions. With the implementation of the RTGS facility every day, India will be one of the few countries in the world to have a large amount of real time transfers.
Under the current law, RTGS transfers are possible on weekdays from 7 am to 6 pm. This facility is not available on two, four Saturdays and Sundays. From December 16, 2016, the NEFT facility time was also set to 24X7. Following its successful move forward, the RBI has extended the time limit for RTGS.