The Reserve Bank of India (RBI) has said its new real-time gross settlement (RTGS) system, a mechanism that enables transfer of money from one bank to another in real time, will be operational from October 19.
"The new RTGS system will be operationalised on October 19 and the RTGS System Regulations 2013 will come into effect from this date," the apex bank said in a notification on Friday.
RTGS is fastest possible money transfer system through the banking channel.
The RBI also noted that with the implementation of the new system, the RTGS (membership) business operating guidelines of 2004 and RTGS (membership) regulations of 2004 will cease to exist.
The apex bank has already formed a working group to look into the issue of replacing the old RTGS system with new one with new message format.
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