In a big push to digital payments, the Reserve Bank of India will allow the transfer of funds through Real Time Gross Settlement System' (RTGS) round the clock from 14 December.
India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year.
"This comes within a year of operationalising NEFT24x7 by the Reserve Bank," the RBI said in a statement.
The settlement system began its operations on 26 March, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks.
"The average ticket size for RTGS in November 2020 was Rs 57.96 lakh making it a truly large value payment system," the statement said.
“Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems.”
"This can also be leveraged to enhance operations of Indian financial markets and cross-border payments."