RTGS Timings: Limit for contactless card transaction to be raised, RTGS to be made 24×7: RBI governor | India Business News

NEW DELHI: In order to expand the purview of digital payments and enhance security of transactions, the Reserve Bank of India (RBI) on Friday announced that limits for transactions contactless card transactions and e-mandates for recurring transactions through cards and UPI (United Payment Interface) from Rs 2,000 to Rs 5,000 from January 1, 2021.
RBI governor Shaktikanta Das also said that the real time gross settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days, as was announced in its previous MPC (monetary policy committee) decision.
“RTGS system will soon be made available 24×7 in the next few days… with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier,” Das said.
At present, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. While, NEFT was made available on 24x7x365 basis from December 2019.
The RBI governor also said that the central bank will be introducing digital payment security control directions for regulated entities that will help improve security and convenience of digital payment channels.
“These directions will contain requirements for robust governance, implementation and monitoring of certain minimum standards on common security controls for channels like internet and mobile banking, card payments, etc,” Das said.
He further noted that financial sector entities like banks and NBFCs should give highest priority to quality of governance, risk management and internal controls.
The RBI decided to keep repo rate unchanged at 4 per cent in its December policy meet while maintaining the accommodative stance.
(With agency inputs)

Source link