Highlights
The RBI has cited the technical upgrade as the reason behind this temporary shut down.
RTGS service is preferred for transferring large sums of money.
The real-time gross settlement (RTGS) facility stopped working for all bank customers after the close of business hours on April 17, 2021. The facility will remain unavailable till 2 pm on Sunday, April 18, 2021, according to a Reserve Bank of India (RBI) notification dated April 15.
The RBI has cited the technical upgrade of its RTGS facility as the reason behind this temporary shut down. “A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021,” the central bank said in its official statement.