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NEFT Transfers to be Available 24/7 From December
August 10, 2019
As the Reserve Bank of India (RBI) looks to encourage digital payments in the country, it’s decided to allow the National Electronic Funds Transfer (NEFT) payment system to be available 24/7 from December 2019 onwards.
As per the current rules, funds transfers via the NEFT channel are available only from 8 AM to 7 PM and also on the working days only.
A senior banker said that the lenders will need to modify their back-end system to accommodate the change recommended by the central bank. This may include a higher operating cost, they said.
Photo credit: Got Credit on Visual Hunt / CC BY
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