RBI to make NEFT system available 24x7 From December 16

RBI to make NEFT system available 24x7 From December 16

The Reserve Bank of India announced on Friday that it has decided to make the National Electronic Funds Transfer (NEFT) system available on a round-the-clock basis from December 16.

The facility is used to electronically transfer funds of banks which are members of this system, from one account to another.

"The system will be available on all days of the year, including holidays," RBI said in a notification.

"NEFT transactions after usual banking hours are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks," RBI added.