RBI to make NEFT system available 24x7 from Dec 16

NEFT is used to electronically transfer funds from one account to another of banks which are members of this system.

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.

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 (REUTERS)

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.”