NEFT transactions to go round-the-clock from Dec 16

NEFT transactions

For promoting digital transactions, the RBI allowed round-the-clock transactions under the National Electronic Funds Transfer (NEFT) system from December 16.

NEFT transactions

The 24X7 NEFT system will be live on all days of the year, including holidays, added the announcement.

As per the ongoing rules, NEFT transactions are cleared on hourly batches. In weekdays, the batches starts from 8 am to 7 pm. On first and third Saturdays, the settlement is performed from 8 am to 1 pm.

In a notification, the apex bank said that the facility on NEFT system commences-on December 16, 2019 on 24X7 basis.

The first settlement of the new rule will begin after 00:30 hours on December 16, 2019 (night of December 15, 2019).

The RBI has directed the member banks to maintain adequate liquidity in their respective current account with the regulator on regular basis in a bid to facilitate successful posting of NEFT batch settlements.

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