The widely adopted fund transfer route of National Electronic Fund Transfer or NEFT is set to go a extra mile with more expeditious transfers. The fund transfer which until now via NEFT was not an instantaneous procedure will improve in terms of timing on the back of RBI's introduction of 11 more settlement batches.
At present the number of batches during the day between 8am-7pm is 12. On Satudarys, six settlement batches are available for the clearance to be effected. No changes in respect of the opening and closing of the settlement batches shall be effected, and it shall remain to be 8am and 7pm respectively. Only the number of such settlement batches in a day will increase.
"The half hourly settlements would speed up the funds transfer process and provide faster credit to the destination", RBI said in a statement. Banks have been directed to initiate the requisite changes for successful NEFT transactions for settlements on an half hourly basis which was previously on an hourly basis.. On completion of the NEFT fund transfers, customers shall be notified by an SMS.
The RBI does not provides for any limit for fund transfer through NEFT and individual banks on their discretion have specified cap for fund transfer using NEFT.