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RBI makes NEFT system available 24x7 from Dec 16

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

Friday December 6, 2019 10:49 PM, IANS

Mumbai: 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", the RBI notification said.

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