RBI to ensure better NEFT service via additional 11 batches from July 10

The Reserve Bank of India (RBI) will introduce new batches for settlement of payments through the National Electronic Funds Transfer (NEFT) from July 10 to ensure better service for customers.

In its first bi-monthly monetary policy of 2017-18 in April, the RBI had announced more batches under the NEFT to enhance efficiency and add to customer convenience.

The RBI said additional 11 settlement batches at half- hourly intervals will be introduced from July 10, beginning from 8.30 am till 6.30 pm.

With this, the total number of half hourly settlement batches during the day will increase to 23.

The starting batch at 8 am and closing batch at 7 pm will remain the same as hitherto, it clarified further.

"The return discipline shall also remain the same i.E., B+2 hours (settlement batch time plus two hours) as per extant practice," an RBI release said.

The NEFT system settles fund transfer requests of participating banks on net basis at hourly intervals from 8 am to 7 pm on all working days.

The RBI has asked all the banks to make the required changes in their core banking solution (CBS) to carry out the new additional batches.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel