RBI: NEFT transactions to be made 24x7 from 16th December!
Posted on: 07/Dec/2019 12:42:31 PM
The Reserve Bank of India announced on Friday (6th December) that the bank customers will be able to transfer funds through NEFT (National Electronic Funds Transfer) around the clock on all days including weekends and holidays from 16th December.
The banks will use the using `Straight Through Processing (STP)` modes and initiate the automation of these transactions after the usual banking hours.
In a press statement, RBI further notified that the existing discipline for crediting the beneficiary`s account or returning the transaction within 2 hours of settlement to the originating bank will also continue.
The Reserve Bank of India stated further:
All provisions of NEFT procedural guidelines will be applicable for NEFT 24x7 transactions as well. Member banks are also advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for extended timings for NEFT to all their customers.
