- By Aditya Pratap Singh
- Wed, 16 Oct 2024 08:53 AM (IST)
- Source:JND
RTGS: Soon, the RTGS benefits will be available in US Dollars, Euros, and Pounds. RTGS or the Real Time Gross Settlement System transfers funds between banks in real time. The Reserve Bank of India manages it. The Reserve Bank of India Governor Shaktikant Das said that the central bank is eager to extend the scope of RTGS. This growth would be achieved via bilateral or multilateral mechanisms.
He believes that the incorporation of main business currencies in the RTGS will aid in widening the reach of payments and transfers beyond affordability. The application of key trading currencies in the expanded RTGS will permit quicker access to less expensive cross-border payments and remittances.
Das said that the central bank’s digital currency is an area that has the potential to facilitate successful cross-border payments. Over time, standards harmonization will empower CBDCs to address severe financial stability problems related to cross-border payments and cryptocurrencies.
The advantages of this payment method
This is a system that can transfer money online. RTGS is the fastest and safest form of money transfer in India. It enables a person to send money from one bank to another within India. It is especially utilized for transferring more than two lakh rupees. There is no upper limit. There is no risk of money laundering or check fraud with this money transfer.
It allows you to transfer money within 30 minutes. Once the beneficiary’s account is activated, you can start transferring funds to them.
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