24 hours NEFT function implemented!
Posted on: 18/Dec/2019 1:05:01 PM
The facility of NEFT (National Electronic Funds Transfer) Digital transactions throughout the 24 hours of the day has been implemented at 12.01 AM yesterday (17th December).
It may be noted that this 24-hours digital transaction facility is already functioning in rich countries such as the USA. However, in India the operation had been restricted. Especially, NEFT won’t function on holidays. There was a heavy demand that 24-hours NEFT should be made available especially in order to encourage digital financial transactions.
The Reserve Bank of India consulted with the banks regarding this aspect and initiated the related activities.
Thus, the 24-hours NEFT facility was implemented at 12.01 AM on 17th December(Tuesday).
An important point to note is that the Reserve Bank of India has issued stringent orders to the banks not to impose any kind of charges for these NEFT digital transactions!
