The Reserve Bank of India (RBI) settled nearly 11.40 lakh transactions in the first eight hours after NEFT was made available on 24X7 basis, said the central bank in its release.
The RBI made round-the-clock National Electronic Funds Transfer (NEFT) System operational from 12:00 am Monday.
“This ensures availability of anytime electronic funds transfer,” it said.
The RBI is now a part of an elite group of countries that have a payment systems which settles funds transfer and settlement of any value 24X7 basis.
“Between 12:00 am and 8:00 am this morning, NEFT settled over 11.40 lakh transactions,” it said.
The RBI opines that it is making NEFT available 24×7 as a part of its vision of empowering every Indian with an access to a bouquet of e-payment facilities.
In a bid to boost digital retail payments,lenders have been directed not to levy any charges from their savings bank account holders for funds transfers done through NEFT system which are initiated online from January 1, 2020.
Online transactions comprise of internet banking and through mobile apps of banks.