New Delhi: On Friday, the Reserve Bank of India has announced to make NEFT (National Electronic Funds Transfer) system available for 24 hours from December 16. The facility allows the customers to electronically transfer funds of banks which are member of this system, from one account to another.
The Bank said that the NEFT transactions after the usual banking hours are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks. The Bank further said that the existing discipline for crediting the beneficiary’s account or returning the transaction within 2 hours of settlement to the originating bank will also continue.
On August, the RBI announced that all NEFT transfer facility would be made available 24×7 for customers by December. The first settlement would take place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).