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RBI Proposes to Make NEFT 24/7
May 18, 2019
Shaktikanta Das, the RBI Governor, has said that the total volume of electronic transfer in India has witnessed a nine-fold increase in the last five years. Based on these findings, it appears that the central bank is keen to improve NEFT.
In its latest vision document that gives a roadmap for payment and settlement systems from 2019 to 2021, the Reserve Bank of India has proposed to make NEFT and several other payment systems available round the clock, so that it creates a cash-free society. Should this happen, it will allow individuals and entities to transfer funds beyond banking hours.
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