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    Question

    Regarding RTGS (Real Time Gross Settlement), what

    happens if a 'Customer Payment' (R-41) is not credited to the beneficiary's account within the stipulated time of 30 minutes? 
    A The bank can keep the funds for 24 hours without penalty. Correct Answer Incorrect Answer
    B The bank must return the money to the sender within 2 hours. Correct Answer Incorrect Answer
    C The bank must pay interest to the customer at the Repo Rate + 2%. Correct Answer Incorrect Answer
    D The bank must pay compensation at the current Repo Rate + 2% if the delay is beyond its control. Correct Answer Incorrect Answer
    E The bank must pay compensation at the current Repo Rate + 2% for the period of delay. Correct Answer Incorrect Answer

    Solution

    As per RBI guidelines, if a bank fails to credit the beneficiary's account or return the money to the remitter within 30 minutes, it must pay compensation at the current Repo Rate + 2% to the affected customer.

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