Business

24x7 NEFT facility from December 16

The National Electronic Funds Transfer (NEFT) System will be available round-the-clock from December 16, the Reserve Bank of India (RBI) said on Friday.

There will be 48 half-hourly batches every day. The settlement of the first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.

The first settlement will take place after 00:30 hours on December 16, the RBI said.

“The system will be available on all days of the year, including holidays,” the RBI said.

At present, NEFT facility is available on between Monday to Saturday (except 2nd and 4th Saturday and bank holidays) between 8 a.m. to 6.30 p.m.

“Member banks are expected to keep adequate liquidity in their current account with Reserve Bank of India at all times to facilitate successful posting of NEFT batch settlements,” the RBI said.

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Printable version | Feb 21, 2020 11:32:01 AM | https://www.thehindu.com/business/24x7-neft-facility-from-december-16/article30220702.ece

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