Glossary:


Term - R : Real Time Gross Settlement (RTGS)

Real Time Gross Settlement (RTGS)


Real Time Gross Settlement (RTGS)

A high value electronic payment system provided by the RBI which enables customers to send funds from a branch of one bank to a branch of another bank. Transactions are settled in 'real time' (immediately) and on a 'gross' basis,that is each transaction is settled individually by the RBI by crediting the account of the bank where the payee's account is located. This is unlike the low value NEFT (which see) system that settles in batches at fixed times during the day.
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