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The National Electronic Funds Transfer (NEFT) facility will be available round the clock starting from December, the RBI announced on Friday
The National Electronic Funds Transfer (NEFT) facility will be available round the clock starting from December, the RBI announced on Friday|Representational image
NEWS

Fund transfer got easier: Now, NEFT facility to be available 24x7

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

Team EastMojo

Team EastMojo

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.