NEW DELHI, Dec 7 (NNN-PTI) – India’s central banking institution, Reserve Bank of India (RBI), said, round-the-clock transactions will be available under the National Electronic Funds Transfer (NEFT) system, from Dec 16, to promote digital transactions, officials said today (Saturday).
According to RBI, 24×7 NEFT system will be available on all days of the year, including public holidays.
“NEFT transactions after usual banking hours are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks,” RBI said in a statement.
RBI said, member banks have been 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.– NNN-PTI
