In Today’s News:
- RTGS to be available 24*7*365.
- New Parliament building of India – foundation laid by Hon’ble PM.
1. RTGS to be available 24*7*365
The Reserve Bank of India(RBI) has said that the RTGS facility will also be available 24*7*365 from December 14 similar to that of the NEFT facility which was operationalized 24*7 last year. RBI has also said that round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments. It added that the system can also be leveraged to enhance operations of Indian financial markets and cross-border payments
Prelims GS – Economic Development
- RTGS’ stands for Real-Time Gross Settlement, which can be explained as a system where there is a continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting).
- ‘Real Time’ means the processing of instructions at the time they are received; ‘Gross Settlement’ means that the settlement of funds transfer instructions occurs individually.
- RTGS, which began its operations on March 26, 2004, with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of ₹4.17 lakh crore across 237 participant banks
- The RTGS system is primarily meant for large value transactions.
- The minimum amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.
- NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction by transaction basis throughout the RTGS business hours.
Click here to know more about RTGS FAQs.
2. New Parliament Building of India – foundation laid by Hon’ble PM.
Hon’ble Prime Minister Shri Narendra Modi laid the foundation stone of the New Parliament Building at Sansad Marg, New Delhi on 10th December 2020. The new building is an intrinsic part of the vision of ‘AatmaNirbhar Bharat’ and will be a landmark opportunity to build a peoples’ Parliament for the first time after independence, one which will match the needs and aspirations of ‘New India’ in the 75th anniversary of independence in 2022.
Prelims GS – Polity
(As the news is related to the New Parliament building, a brief overview of Parliament is given below.)
- The Parliament of India consists of the President and two Houses known as the House of the People(Lok Sabha) and the Council of States(Rajya Sabha).
- Article 79 deals with the Constitution of Parliament.
President of India
- The President of India is elected by members of an electoral college consisting of the elected members of both Houses of Parliament and Legislative Assemblies of States/UTs.
- Term: Five Years. Subject to impeachment by Parliament
Rajya Sabha (Council of States)
- Composition: 245 Members; 233 representing States/UTs and 12 nominated by President of India.
- Term: A permanent body not subject to dissolution. However, one-third of members retire biennially after completing a term of six years.
Lok Sabha (House of the People)
- Composition: 545 Members; 543 elected representatives of people; and 2 Members nominated by the President of India from the Anglo-Indian community. (Now, 2 Anglo-Indian members nomination has been discontinued in the 104th Constitution Amendment Act 2019)
- Term: Five years. Subject to dissolution by the President of India.
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