Normally the beneficiary branches are expected to receive the funds in real-time as soon as they are transferred by the remitting bank. Considering that the funds settlement takes place in the books of RBI, the payments are final and irreversible. 'Real Time' means the processing of instructions at the time funds are received, rather than at a later time 'Gross Settlement' means the settlement of fund transfer instructions occurs individually, on an instruction by instruction basis. Here's all you need to know about RTGS, NEFT and IMPS fund transfers:Īccording to RBI, RTGS means continuous or real-time settlement of fund transfers individually on an order by order basis, without netting. RTGS, NEFT and IMPS are some of the payment systems which facilitate fund transfers. However, as an alternative, banks provide several modes of transaction, which could come handy in situations like this. 'Unusually large cash withdrawals' have lead ATMs in some places to run out of cash, the central bank said last week. However, the Reserve Bank of India (RBI) and the government assured the public of no shortage of currency.
At a time when the country is facing cash crunch and ATMs are running dry, the common man is worried and has been reminded of demonetisation days.
