The Reserve Bank of India (RBI) has decided to cut down the clearance time for National Electronic Funds Transfer (NEFT) in an attempt to improve the efficiency of the electronic payment system and add to customer convenience.
The starting and closing batch of NEFT will remain the same at 8 am and 7 pm respectively. Furthermore, the return discipline would remain as per the existing practice, reported The Indian Express.
“In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement cycle will be reduced from hourly batches to half hourly batches,” said the RBI in the first bi-monthly monetary policy for 2017-18.
“Consequently, 11 additional settlement batches will be introduced at 8.30 am onwards, taking the total number of half hourly settlement batches during the day to 23,” said Deputy Governor, B P Kanungo.