RTGS stands for Real-Time Gross Settlement. It is a term related to Business » Banking, Useful Terms and Definitions which we use in daily life but we do not know their full name, Here’s a list of important abbreviations that you should know.
|RTGS||Real-Time Gross Settlement|
|Category||Business » Banking|
What is full form of RTGS?
The full form of RTGS is the Real-Time Gross Settlement. Real-Time Gross Settlement (RTGS) is an electronic real-time fund transfer system that allows transferring money from one bank to another bank in India.
RTGS is operated and maintained by the Reserve Bank of India (RBI) to enable funds settlement on a real-time basis across banks in the country. RTGS system is primarily meant for large value transactions and requires immediate clearing.
Here you learn the full name and complete information of Real-Time Gross Settlement, if you have questions and answers related to RTGS, then tell us your thoughts in the comment, know the complete meaning of RTGS in this article.
India currently has various methods to transfer money online such as digital wallets, UPI, and more. However, the most commonly used online fund transfer method has been: National Electronic Funds Transfer (NEFT) Real-Time Gross Settlement (RTGS) Immediate Mobile Payment Service (IMPS)
RTGS– Real Time Gross Settlement – This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement).
RTGS and NEFT are based on two different concepts namely gross settlement and net settlement respectively. RTGS is the right option for transferring large amounts of money in real-time. In case of transfers involving small amounts where there is no urgency of payment, NEFT is the right option.