Now National Electronic Funds Transfer (NEFT) system will work on 24×7 basic from 16th december 2019. Another step towards digital payment. This System will be available even on hoilday.
On 6th december 2019, Reverse Bank Of India issued the notification on Availability OF National Electronic Fund Transfer (NEFT) System on 24×7 basic.
RBI has been decided that the above facility shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).
In this Notification, Member banks are advised to note the following:
- There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.
- The system will be available on all days of the year, including holidays.
- NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
- The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.
- Member banks will ensure sending of positive confirmation message (N10) for all NEFT credits.
- All provisions of NEFT procedural guidelines will be applicable for NEFT 24×7 transactions as well.