NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation

The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions

Press Trust of India August 07, 2019 14:26:04 IST
NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation
  • The decision, the Reserve Bank of India said, is expected to revolutionise the retail payments system of the country

  • Currently, the National Electronic Funds Transfer (NEFT) operated by the RBI as a retail payment system is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month

  • The NEFT system is used for fund transfers up to Rs 2 lakh

Mumbai: The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions.

The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country".

NEFT New Fund Transfer Timings 2019 RBI allows roundtheclock payments from December to promote digitisation

Representational image. Reuters.

Currently, the National Electronic Funds Transfer (NEFT) operated by the RBI as a retail payment system is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month.

The NEFT system is used for fund transfers up to Rs 2 lakh.

In its Payment System Vision 2021 document, the RBI had said that it will make available the NEFT system on a 24x7 basis from December 2019.

Earlier in its June policy, the RBI had done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers.

The Real-Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers.

Besides, a committee is already been set up, involving all stakeholders, under the chairmanship of the Chief Executive Officer of Indian Banks' Association (IBA), to examine the entire gamut of ATM charges and fees.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

India's GDP may turn positive at 1.3% in Dec quarter of FY2020-21: DBS Bank report
India

India's GDP may turn positive at 1.3% in Dec quarter of FY2020-21: DBS Bank report

The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday

Piramal group gets RBI nod for acquisition of DHFL; mortgage lender's shares rise by 4.94%
Business

Piramal group gets RBI nod for acquisition of DHFL; mortgage lender's shares rise by 4.94%

DHFL was the first finance company to be referred to NCLT by the RBI using special powers under Section 227 of the IBC. The company owes Rs 87,031 crore to financial creditors

Bank holidays in March 2021: Banks to remain close for business on these dates; check full list
Business

Bank holidays in March 2021: Banks to remain close for business on these dates; check full list

Apart from these days, several banks might remain closed mid-March as many unions have called for a nationwide strike against the government's plan for making the banking sector private. The two-day-long strike is on 15 and 16 March.