The RBI on Friday announced that round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16. The 24X7 NEFT system will be available on all days of the year, including holidays, it added.
The first settlement will take place after 00:30 hours on December 16, 2019 (night of December 15, 2019). The RBI has asked the member banks to keep adequate liquidity in their current account with the regulator at all times to facilitate the successful posting of NEFT batch settlements.
Besides, member banks will ensure sending of positive confirmation messages for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24×7 transactions as well, it added. “Member banks are also advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24×7 facility to their customers,” the regulator said.
Earlier, the RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levied charges on their customers. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to 2 lakhs.