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24x7 fund transfers under NEFT from Dec 2019 to boost digital payments

RTGS is mostly used for transactions above Rs 2 lakh. The RBI added it will facilitate the creation of a central payment fraud registry for tracking payment system frauds

Topics
Reserve Bank of India | NEFT | NEFT transfer

Namrata Acharya  |  Kolkata 

With a view to boost digital payments, the Reserve Bank of India (RBI) will allow the National Electronic Funds Transfer (NEFT) payment system to operate on a 24x7 basis from December 2019. RBI Governor Shaktikanta Das said the move was expected to revolutionise the retail payments system of the country.

At present, the facility of NEFT — usually preferred for fund transfers of less than Rs 2 lakh — is available between 8 am and 7 pm on all working days, except the second and fourth Saturdays of every month. According to Mrutyunjay Mahapatra, managing director and ...

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First Published: Thu, August 08 2019. 00:43 IST
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