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Real time gross settlement (RTGS) is one of the most convenient modes of making interbank money transfers in India. The transfer of funds occurs on continuous basis as per instructions received and so called as real time and as, the processing of instructions and settlement of funds, done on individual basis, known as gross settlement. The payment made through this route is considered final and irreversible as the settlement of funds occurs in RBI records. Majority of commercial banks have adopted this method of fund transfer. As many as 30472 branches are using RTGS services.
Essential information for making cash transaction through RTGS requires, following information to be produced to the bank by the remitting customer. The remitting customer should have his account with this bank.
1) Amount to be remitted
2) Remitting customers account number which has to be debited
3) Name of the beneficiary bank
4) Name of the beneficiary customer
5) Account number of the beneficiary customer
6) Sender to receiver information
7) The IFSC Number of the receiving bank branch
Peculiar Features of RTGS
In case of non-credit or delay in credit to the beneficiary account, you can contact your bank. Still then, if the issue remains unsolved you can lodge complain to the Customer Service Department of RBI at:-
The Chief General Manager,
Reserve Bank of India,
Customer Service Department,
1st Floor, Amar Building, Fort,
Mumbai – 400 001.
Both the receiving and remitting bank is to be RTGS enabled for making any RTGS transaction. The list is available at RTGS enabled branches. One can avail all information from RBI website http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls
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