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Wednesday, August 07, 2019

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NEFT Transactions To Become Available 24x7 from December 2019.


NEFT Transactions To Become Available 24x7 from December 2019.

In its statement on Developmental and Regulatory Policies on August 7, 2019 (Wednesday), the Reserve Bank of India (RBI) said that there will be round-the-clock availability of the National 

Electronic Funds Transfer System (NEFT) from December 2019.


RBI Governer Mr. Shaktikanta Das 


At present, the NEFT service is available to internet banking customers between 8 am to 7 pm only on bank working days.

It allows fund transfers between any two NEFT-enabled bank accounts on a one-to-one basis.

 "The RBI Bank will make available the NEFT system on a 24x7 basis from December  2019. This is expected to revolutionise the retail payments system of the country," said RBI Governer Mr. Shaktikanta Das.


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