At present, the system is available till 7.45 pm on working days; the new move, to be implemented from December, will help in better fund management by banks, says RBI
Mumbai: Following its Monetary Policy Review meeting, the Reserve Bank of India (RBI) on Friday announced the extension of the collateralised liquidity support on the National Electronic Funds Transfer (NEFT) payment system to round the clock.
At present, the facility is available till 7.45 pm on working days. “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 RBI said.
The central bank further said that this will help in better funds management by the banks.
Earlier the RBI had announced its plan of making NEFT 24×7 in the Monetary Policy Meet held in August 2019.