Reserve Bank of India has notified that National Electronic Funds Transfer (NEFT) System will be available for 24 hours on regular basis. This will be effective from 16th December, 2019.
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NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
Member banks must also initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24×7 facility to their customers.
The first settlement will take place after 00:30 hours on 16 December, 2019 (night of December 15, 2019).