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NEFT Transfers to be Faster as RBI Slashes Clearance Time
April 11, 2017
In order to improve the existing electronic payment system and add more convenience to the users, RBI has decided to slash the clearance time. This aligns with the Vision-2018 agenda of RBI which focuses on the payment and settlement systems in India.
RBI said that the NEFT settlement cycle will be cut to half hourly batches from the current hourly batches. Other than this, 11 additional settlement batches will be brought in at 8:30 AM, thereby making the final number of half-hourly settlement batches to 23.
