Availability of National Electronic Funds Transfer (NEFT) System on 24x7 basis.
RESERVE
BANK OF INDIA
Department
of Payment and Settlement Systems,
Central
Office, 14th Floor, Central Office Building,
SBS
Road, Fort, Mumbai – 400 001
Tel -
(91-22) 2264 4995
Fax -
(91-22) 22691557
E-mail -
cgmdpssco@rbi.org.in
Website –
www.rbi.org.in
RBI/2019-20/111
DPSS (CO) RPPD
No.1097/04.03.01/2019-20
Latest news updates of RBI in Availability of National Electronic
Funds Transfer (NEFT) System on 24x7 basis.
Reserve
Bank of India has been decided that the above 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).
Advises
–
1 -
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.
2-
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.
3-
All provisions of NEFT procedural guidelines will be applicable for NEFT 24x7
transactions as well.
4 -
The system will be available on all days of the year, including holidays.
5 -
Member banks are also advised to initiate necessary action and ensure availability
of all necessary infrastructural requirements at their end for providing
seamless NEFT 24x7 facility to their customers. Banks may disseminate
information on the extended timings for NEFT to all their customers.
6 -
This directive is issued under Section 10(2) read with Section 18 of the
Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
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