Utilisation of RTGS Facility

The utilisation of RTGS Facility in India leaves much to be desired.The facility stands extended to 53000 branches at present.But increase in utilisation of the facility has not shown any commensurate increase.
RTGS is a funds transfer mechanism whereunder transfer of money takes place from one account in one bank to another account in any bank on a real time and on gross basis.Transaction stands settled on one to one basis without buching with any other transaction.This is by far the fastest money transfer system through the banking channel.
The new RTGS cut off timings would be -from monday to friday.The customer transaction timings will be from 9 hours to 16.30 hours.For inter bank transactions the timings will be from 9 hours to 18 hours.On saturdays timings for customer and interbank transactions are from 9 hours to 12.30 hours and from 9 hours to 14.30 hours respectively.
RBI has asked banks to popularise the use of RTGS facility.RBI has advised banks to create a user-friendly atmosphere at branch level in order to increase RTGS usage.Banks have been asked to identify branches having potential to increase RTGS usage.RBI has directed banks to make their entire branch net work RTGS enabled and also expedite providing RTGS facility to the customers of RRBs sponsored by respective banks.
RTGS is meant for large -value transactions involving amounts of Rs one lakh and above.