For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

NEFT Fund Transfer Can Be Initiated 24 Hrs Now

|

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 Fund Transfer Can Be Initiated 24 Hrs Now

 

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.

GoodReturns.in

Read more about: neft fund transfer
Story first published: Friday, October 4, 2019, 12:49 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more