What To Do If RTGS Payment Not Received ?

Those who are working in the Bank branches are use to with this query.Every alternate day customer come with ready made complaint saying “He/she did not receive the credit of RTGS payment in their account”.
Real Time Gross Settlement or RTGS is the settlement services provided by each of the scheduled bank in India where the remittance are settled on real time basis.
Although there are approx one lacs plus bank branches in India are settling billions of RTGS transaction on real time basis, there are sometimes chances of failure or non credit of payment. There are numerous reason for this, few of them are :

• Try to transfer the Large amount of money through RTGS within time frame stipulated by RBI
• Since the RTGS are done on real time basis, there are chances of delay in payment due to non maintenance of credit balance in bank’s current account with RBI. It may cause delay not more than one minute.
• RTGS remittance from overseas is not under real time and it takes time to credit in the respective accounts.4
• Dormant accounts doesnot receive the RTGS credit. If this is the case try to resolve it with the branch where customer is having account.

Still having Problem in RTGS Credit, contact RBI at this address
The Chief General Manager
Reserve Bank of India
Customer Service Department
1st Floor, Amar Building,
Fort Mumbai – 400 001