The Reserve Bank of India (RBI) today said the new RTGS system, a mechanism that transfers 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," RBI said in a notification. RTGS (real-time gross settlement) is fastest possible money transfer system through the banking channel.
With the implementation of new RTGS system, the RBI said the RTGS (membership) business operating guidelines of 2004 and RTGS (membership) Regulations of 2004 will cease to exist. Earlier, the central bank has formed a working group to look into the issue of replacing the old RTGS system with new one with new message format.