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NEFT Transfer From Dec 16 Is 24 Hours A Day, Including Holidays

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Beginning Dec 16, NEFT Transfer would be available 24x7. The Reserve Bank of India in a letter to the Chairman of Banks has stated that the NEFT facility shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).

Accordingly, the RBI has advised Member banks to note the following:

a. There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.

 

b. The system will be available on all days of the year, including holidays.

c. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks.

d. The existing discipline for crediting beneficiary's account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.

e. Member banks will ensure sending of positive confirmation message (N10) for all NEFT credits.

f. All provisions of NEFT procedural guidelines will be applicable for NEFT 24x7 transactions as well.

NEFT Transfer From Dec 16 Is 24 Hours A Day, Including Holidays
Read more about: neft
Story first published: Saturday, December 7, 2019, 9:59 [IST]
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