NEFT can be done round the clock now, says RBI

  • The National Electronic Funds Transfer would be available round the clock from December 2019.
  • Currently, people have to wait or schedule their payment for the next working day if they don’t perform the transaction as per the time limit.

The Reserve Bank of India said the National Electronic Funds Transfer would be available round the clock from December 2019.

"The Reserve Bank will make available the NEFT system on a 24x7 basis from December this year. The is expected to revolutionise the retail payments system of the country,” said RBI governor Shaktikanta Das.

The National Electronic Funds Transfer (NEFT), a digital payment system by RBI, operates from 8.00 am to 7 pm on all working days. However, the payment system is not available on every second and fourth Saturday.

Currently, people have to wait or schedule their payment for the next working day.

RBI has been taking several steps to boost the digital payment system in India. Earlier, the Reserve Bank of India removed charges levied on transactions conducted through Real Time Gross Settlement (RTGS) and NEFT. The waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the central bank had noted.

See also:

RBI to remove transaction charges on RTGS, NEFT
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