What is the role of RBI in RTGS transfer?

RBI (Reserve Bank of India) plays a crucial role in the RTGS (RealTime Gross Settlement) transfer system. It is the operator of the RTGS system and oversees its functioning. RBI ensures that the system is secure, efficient, and reliable. It also establishes the rules and guidelines for banks to participate in the RTGS system, and monitors their compliance. In case of any issues or disputes, RBI serves as the final authority. Overall, RBI's role is to facilitate smooth and safe transactions through the RTGS system.