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