<p>RTGS (Real Time Gross Settlement) system facilitates online transfer of high-value funds between bank customers of different banks on real-time basis and currently handles about three lakh transactions per day.<br /><br />Next generation system<br /><br />Keeping in view of the ever-rising usage of the system, RBI has decided to replace the existing RTGS system with a Next-Generation Real Time Gross Settlement (NG-RTGS) system, a senior official said.<br /><br />The new system would be implemented for the entire banking and financial sector of the country and the exercise of replacing the existing RTGS system would be executed in various phases. Currently, RTGS system, under which funds worth Rs 2 lakh or more can be transferred instantaneously, is handling an average of three lakh transactions per day, up from only 4,000 transactions when it was launched in 2004. <br /><br />RBI expects 7 lakh transaction per day through RTGS soon, 25 lakh transactions per day in 5 years and then about 50 lakh transactions per day in next 10 years.<br /><br />The NG-RTGS system would have advanced liquidity management features and queue management techniques and would allow the bank customers to initiate fund transfers for future dates and get information about the status of their transactions through SMS alerts.</p>
<p>RTGS (Real Time Gross Settlement) system facilitates online transfer of high-value funds between bank customers of different banks on real-time basis and currently handles about three lakh transactions per day.<br /><br />Next generation system<br /><br />Keeping in view of the ever-rising usage of the system, RBI has decided to replace the existing RTGS system with a Next-Generation Real Time Gross Settlement (NG-RTGS) system, a senior official said.<br /><br />The new system would be implemented for the entire banking and financial sector of the country and the exercise of replacing the existing RTGS system would be executed in various phases. Currently, RTGS system, under which funds worth Rs 2 lakh or more can be transferred instantaneously, is handling an average of three lakh transactions per day, up from only 4,000 transactions when it was launched in 2004. <br /><br />RBI expects 7 lakh transaction per day through RTGS soon, 25 lakh transactions per day in 5 years and then about 50 lakh transactions per day in next 10 years.<br /><br />The NG-RTGS system would have advanced liquidity management features and queue management techniques and would allow the bank customers to initiate fund transfers for future dates and get information about the status of their transactions through SMS alerts.</p>