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RBI opens 24x7 NEFT window; over 1.14 mn transactions done in first 8 hours

The facility will be available on all days of the year including holidays

ANI 

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A bank account holder can now transfer any value of money online anytime with the Reserve Bank of India (RBI) allowing the National Electronic Funds Transfer (NEFT) facility available for 24 hours a day throughout the year starting Monday.

Prior to this, people could transfer money online between 8 am and 6:30 pm on the days when were open.

The facility would be available round the clock starting 12 am on Monday, the said in a tweet. "This ensures the availability of anytime electronic funds transfer," it said.

The facility will be available on all days of the year including holidays.

India's central bank said it has joined an "elite club of countries having payment systems which enable round the clock funds transfer and settlement of any value" with the step.

Over 11.4 lakh money transactions were successfully completed using the medium between 12 am and 8 am on the starting day, the central bank said.

"Making available 24x7 is part of RBI's vision of empowering every Indian with access to a bouquet of e-payment options," the stated.

So far, IMPS facility allowed 24x7 fund transfers online but it had a limit of Rs 2 lakh.

First Published: Mon, December 16 2019. 19:16 IST
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