Legal Question in Banking Law in India

RTGS is a mean of transfer. in RTGS, giver has to initiate the transaction and in case there is a failure, bank will give intimation to the giver and not payee, so there is no question of NI Act

Realtime gross service transfer comes under Electronic funds transfer Act. It concerns only transfer of funds from an account with a bank to another account in another bank. There is no cheque involved. Therefore no question of application of NI Act or dishonour of cheque.

This type of transfer does not involve issue of cheque so NI Act is not applicable. But civil action is possible based on the facts and circumstances of the transfer of the amounts. contact me for further advice at [email protected]