RBI to ensure better NEFT service via additional 11 batches from July 10

The Reserve Bank of India (RBI) will introduce new batches for settlement of payments through the National Electronic Funds Transfer (NEFT) from July 10 to ensure better service for customers.

In its first bi-monthly monetary policy of 2017-18 in April, the RBI had announced more batches under the NEFT to enhance efficiency and add to customer convenience.

The RBI said additional 11 settlement batches at half- hourly intervals will be introduced from July 10, beginning from 8.30 am till 6.30 pm.

With this, the total number of half hourly settlement batches during the day will increase to 23.

The starting batch at 8 am and closing batch at 7 pm will remain the same as hitherto, it clarified further.

"The return discipline shall also remain the same i.E., B+2 hours (settlement batch time plus two hours) as per extant practice," an RBI release said.

The NEFT system settles fund transfer requests of participating banks on net basis at hourly intervals from 8 am to 7 pm on all working days.

The RBI has asked all the banks to make the required changes in their core banking solution (CBS) to carry out the new additional batches.