The Reserve Bank of India (RBI) plans to upgrade its high value online fund transfer system, RTGS, to enable handling of up to five million transactions a day and incorporate various new facilities for the bank customers. The RTGS (real time gross settlement) system facilitates online transfer of highvalue funds between bank customers of different banks on realtime basis and currently handles about 300,000 transactions per day. 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 system, a senior official said.
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