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UPDATE!! According to the RBI, RTGS would be unavailable for few hours.

RTGS is a mechanism that allows for the continuous and real-time settlement of fund transactions, transaction by transaction (without netting) 'Real Time' refers to the handling process as soon as they are received; 'Gross Settlement' refers to the individual settlement of funds transfer instructions. Since the fund's transaction takes place on the reserve bank of India's accounts, the payments are final and irreversible. 

RTGS transactions only affect large sums of money, so you can only send money via RTGs if you have more than Rs 2 lakh.  The RTGS service is preferred for large amounts of money, the NEFT service is preferred for transactions under Rs 2 lakh. 

NEFT transactions enable users to send up to Rs 25 lakh per day. However, if you don't have a bank account, you can only move a maximum of Rs 50,000 in a single transaction. On account to account NEFT transfers, there is no upper cap.

The Reserve Bank of India (RBI) declared that the RTGS facility will be unavailable for 14 hours. The facility will be inaccessible due to a technological upgrade to improve the system, according to the central bank.

On Sunday, April 18, 2021, the facility will be inaccessible from 00:00 to 14:00 hours (12 am to 2 pm). The Reserve Bank of India, on the other hand, stated that the National Electronic Funds Transfer (NEFT) facility would continue to operate normally.

The central bank also requested that its member banks inform their customers of the change, as this will enable them to schedule their payments accordingly. Users may use the National Electronic Fund Transfer (NEFT) service in the meantime to facilitate their funds during this period. The step, according to the RBI, is intended to allow non-banks to participate in payment systems.

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