The Reserve Bank of India on Friday announced it has decided to make the National Electronic Funds Transfer (NEFT) system available on a round-the-clock basis from December 16. The facility is used to electronically transfer funds from one account to another of banks which are members of this system.
“The system will be available on all days of the year, including holidays,” RBI said in a notification. “NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.”
What this means is, you’ll be able to do NEFT transaction 24 hours 7 days (24×7) from December 16, including national or Bank holidays. At present, the NEFT transactions are limited to different timing of the week, depending upon Bank working days and hours. These hours in weekdays are from 8:00 AM to 7:00 PM. Additionally, on Bank working days of first and third Saturdays of the month, the NEFT timings are from 8:00 AM to 1:00 PM.
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In a notification, the RBI has now said that the system will work round-the-clock from December 16. The first settlement will take place after 00:30 hours on December 16, 2019 (night of December 15, 2019).
Written with inputs from IANS