RTGS to Enable Transactions in Euro and Dollar Soon

RTGS to Enable Transactions in Euro and Dollar Soon Proposal

Soon, the facility to make transactions in US dollars, euros, and pounds may be available through RTGS. Real-Time Gross Settlement System (RTGS) is used for real-time fund transfers between banks, managed by the Reserve Bank of India (RBI).
RBI Governor Shakti Kanta Das, at an event, stated that discussions are underway to include foreign currencies in RTGS. This expansion will leverage multilateral and bilateral arrangements.
According to Das, expanding RTGS to include major foreign currencies will enhance cross-border payments and fund transfers. This system will allow faster, more efficient international transactions, supporting business needs.
Benefits of This Payment Method
RTGS is India's fastest and most secure method for transferring funds online, allowing transfers from one bank account to another instantly. Particularly useful for transferring large amounts, this system ensures security against theft and fraud. Transactions can be completed within 30 minutes, requiring only the recipient’s account number.
The inclusion of foreign currencies in RTGS will strengthen India’s digital payments infrastructure, offering more capacity for cross-border transactions.