Withdrawal norms, RTGS timings changed

NEW DELHI:  Beginning December, a few changes have been introducedwith regards to RTGS transactions, for all banks, and ATM withdrawals, if you are an account-holder in Punjab National Bank (PNB). First, the Reserve Bank in its policy review announcement made last week, announced that starting December 14, the Real Time Gross Settlement (RTGS) System will be available 24x7.

The RTGS system is among the options users of internet banking can use to transfer money— high value transactions in the case of RTGS. The NEFT system (used to transfer smaller amounts) has been available 24x7 for a while now.  RTGS will now be available for customers and inter-bank transactions round the clock, except for periods between ‘end-of-day’ and ‘start-of-day’ processes.

These timings will be notified through the RTGS system.The central bank has also increased the limits on contactless card transactions, from Rs 2,000 to Rs 5,000.  As for ATM withdrawals, the Punjab National Bank has followed the State Bank of India in introducing an OTP-based system for withdrawals above a certain threshold from ATMs between 8 pm and 8 am.

This is an effort to increase transaction security, the bank said. According to PNB, account holders will now need a One Time Password (OTP) to make cash withdrawals  above Rs 10,000 from ATMs. This requires the person withdrawing the amount to have access to the registered mobile number for the bank account to which the OTP will be sent.  In September, SBI had introduced a similar system for ATM withdrawals of Rs 10,000 and above throughout the day across all its ATMs.