24 X 7 Hours National Electronic Funds Transfer Will be Available From 16 December, 2019

24 X 7 Hours National Electronic Funds Transfer Will be Available From 16 December, 2019

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.

This News is Brought You By www.satiitv.com

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 24 X 7 NEFT System will be available on all days of the year, including holidays, it added. NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm.

The first settlement will take place after 00:30 hours on 16 December, 2019 (night of December 15, 2019).

The RBI has asked the member banks to keep adequate liquidity in their current account with the regulator at all times to facilitate successful posting of NEFT batch settlements.

To View The Circular Released by Reserve Bank of India,
Please Click Here

Related posts