RBI to make NEFT transactions system available 24x7 from December 16

Topics RBI | NEFT

The RBI on Friday said that round-the-clock availability of National Electronic Funds Transfer (NEFT) facility will be made available from December 16.

Currently, the NEFT payment system operated by the RBI as a retail payment system is available for customers from 8 am to 7 pm on all working days of the week (except 2nd and 4th Saturdays of the month). The RBI has told member banks that payment system will be available on all days of the year, including holidays. There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at midnight.

And, the existing discipline for crediting beneficiary’s account or returning the transaction within 2 hours of settlement of the respective batch to originating bank will continue. 

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