RBI in order to make banking transaction including payment transfer easy will now on facilitate NEFT transactions all through the day as against only during working hours on weekdays. In its monetary policy today, RBI Governor Shaktikanta Das said the new timings shall be implemented with effect from December this year.
NEFT or National Electronic Funds Transfer is a platform that enables interoperable payment for fund transfer by a customer between different accounts.
The move shall uplift online and retail payments in the country.
NEFT is available only till 7:45 pm on working days. Also, NEFT does not work on 2nd and 4th Saturday of the week. "In order to facilitate smooth settlement of these transactions in the accounts of the banks maintained with RBI, it has been decided that the Reserve Bank will extend the collateralised liquidity support, which is currently available till 7.45 pm on NEFT working days, round the clock," the central Indian bank said.