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Answer Posted / anupam kamalia
The acronym “RTGS” stands for Real Time Gross Settlement.
RTGS system is a
funds transfer mechanism where transfer of money takes
place from one bank to
another on a “real time” and on “gross” basis. This is the
fastest possible money
transfer system through the banking channel. Settlement
in “real time” means
payment transaction is not subjected to any waiting period.
The transactions are
settled as soon as they are processed. “Gross settlement”
means the transaction is
settled on one to one basis without bunching with any other
transaction. Considering
that money transfer takes place in the books of the Reserve
Bank of India, the
payment is taken as final and irrevocable
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