REAL TIME GROSS SETTLEMENT SYSTEM MEANS A PAYMENT SYSTEM IN WHICH(...
22. Real Time Gross Settlement System means a payment system in which
(a) both processing and final settlement of funds transfer instructions can take place continuously ,
(b) final transaction takes place at the end of the day
(c) final payment is physically effected within 24 hours
(d) final settlement of funds take place at 3 PM daily
(e) none of the above