Letter to BS: NEFT system a step closer to achieving financial inclusion

The recent move by the Reserve Bank of India (RBI) to ease NEFT transaction transfer schedule to be made available for 24 hours is welcome. It is also overwhelming to know that RBI has already waived off charges levied for the transactions carried through NEFT/RTGS payments in order to promote a cashless ecosystem.

The facility to transfer money through NEFT transaction on a round-the-clock basis will benefit many customers who are otherwise depended on physical ATMs for the purpose of immediate cash requirement. The robust penetration of digital transactions through app-based banking facility and UPI-based payment systems have further eased the common man’s burden of fetching cash from a physical location such as a bank branch or an ATM.

The change in the NEFT schedule will further benefit the customers especially during travel exigencies and medical emergencies — as both the situations require immediate cash payment to the beneficiaries. The latest move will make RBI and other banking institutions inch closer to achieving their goal of complete financial inclusion.

Varun Dambal, Bengaluru

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