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Answer Posted / nitiin
Q1. What is RTGS System?
Ans. The acronym "RTGS" stands for Real Time Gross
Settlement. RTGS system is a funds transfer mechanism where
transfer of money takes place from one bank to another on a
"real time" and on "gross" basis. This is the fastest
possible money transfer system through the banking channel.
Settlement in "real time" means payment transaction is not
subjected to any waiting period. The transactions are
settled as soon as they are processed. "Gross settlement"
means the transaction is settled on one to one basis without
bunching with any other transaction. Considering that money
transfer takes place in the books of the Reserve Bank of
India, the payment is taken as final and irrevocable.
Q2. How RTGS is different from Electronic Fund Transfer
System (EFT) or National Electronics Funds Transfer System
(NEFT)?
Ans .EFT and NEFT are electronic fund transfer modes that
operate on a deferred net settlement (DNS) basis which
settles transactions in batches. In DNS, the settlement
takes place at a particular point of time. All transactions
are held up till that time. For example, NEFT settlement
takes place 6 times a day during the week days (9.00 am,
11.00 am, 12.00 noon. 13.00 hours, 15.00 hours and 17.00
hours) and 3 times during Saturdays (9.00 am, 11.00 am and
12.00 noon). Any transaction initiated after a designated
settlement time would have to wait till the next designated
settlement time. Contrary to this, in RTGS, transactions are
processed continuously throughout the RTGS business hours.
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