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Fund transfer via NEFT will be available 24X7 from December 16

The Reserve Bank of India (RBI) has announced that the fund transfer via National Electronic Fund Transfer (NEFT) will be available 24X7 from December 16. This was informed by a statement released by the apex bank.

“The NEFT system will be available on all days of the year, including holidays. NEFT transactions after usual banking hours are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks” said RBI in a statement.

At present the NEFT transactions are settled in hourly batches. For weekdays the batches are from 8 am to 7 pm and on first and third saturdays it is 8 am to 1 pm.

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