The apex bank of India, Reserve Bank of India (RBI0 has announced that the National Electronic Fund Transfer (NEFT) timings will be changed from December.
The service to money transfer will be available for customers round the clock from December. At present, the services are available from 8 am to 7 pm. The decision comes in accordance with the RBI’s Payment Settlement Vision 2019 to 2021.
” The Reserve bank of India will make available the NEFT system on a 24X7 basis from December this year. This is expected to revolutionize the retail payments system of the country”, the RBI governor Shaktikanta Das informed media.
What is NEFT:
National Electronic Fund Transfer (NEFT) is a nation-wide payments system that allows the transfer of funds from one bank’s account to another. Since it can electronically transfer funds from any bank branch to any individual, it has eliminated the need to visit a bank branch for transfer of funds.
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