RBI said that the system will be available on all days of the year, including holidays.
The Reserve Bank of India (RBI) yesterday, 6 December 2019 said that National Electronic Funds Transfer (NEFT) facility shall be made available on 24x7 basis from 16 December 2019. The first settlement will take place after 00:30 hours on 16 December 2019.
There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours. The system will be available on all days of the year, including holidays.
NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks. The existing discipline for crediting beneficiary's account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue, RBI said.
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