In order to facilitate smooth functioning of transactions, Reserve Bank of India on Friday announced that the National Electronic Funds Transfer (NEFT) payment system will soon be available for 24 hours. The revised timings will be effective from December this year. This announcement has come after RBI’s Monetary Policy Meet. National Electronic Funds Transfer is Reserve Bank of India controlled platform which facilitates interoperable payment for fund transfer by a customer between different accounts.
Currently, NEFT is available only till 7:45 pm on working days. Also, NEFT does not work on 2nd and 4th Saturday of the week.
As per the source, the facility will help the banks in better fund management. RBI had announced its plan of making NEFT 24×7 in the Monetary Policy Meet held in August. The availability of NEFT on a 24×7 basis is expected to revolutionize the retail payments system of the country.
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