“,” he explained. “It’s a system where funds are transferred from one bank to another instantly and one-on-one . No waiting. No netting. The moment we send it, the receiving bank gets the ‘gross’ amount in real time.”
“What’s that?” she asked.
Here’s a helpful, fictional story that illustrates how understanding (Real-Time Gross Settlement) and a Union Bank scenario can save the day. Title: The Last-Minute Inheritance rtgs union bank
Maya hesitated. “But my lawyer uses ICICI Bank. Will that work?”
Maya’s phone buzzed at 7:45 AM. It was her lawyer. “,” he explained
Mr. Sharma smiled. “RTGS is not limited to Union Bank. It connects in India through the RBI. As long as the amount is above ₹2 lakh, RTGS is perfect. And it’s free online or low-fee at branches.”
Maya breathed a sigh of relief. “So RTGS is like a wire transfer on steroids?” No netting
Maya panicked. Her savings were in a fixed deposit with , but the registration office was in another city. She couldn’t carry cash, and a cheque would take days to clear.