Do you use the National Electronic Funds Transfer (NEFT) system to transfer funds electronically from one account to another? If your answer is yes, then here’s the good news for you! Some changes in NEFT timings 2019 announced.
According to the last statement, the Reserve Bank of India (RBI) has announced that the NEFT system will be available on a round-the-clock basis from December 16, 2019. NEFT system is used for transfer funds electronically from one account to another.
RBI said, “The system will be available on all days of the year, including holidays. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.“
Let’s find out in detail what the RBI has declared on NEFT notification:-
- NEFT will be available on a 24×7 basis.
- RBI has decided that the above facility will commence from 16th December 2019.
- Member banks are advised to note the following, that there will be a batch of 48 half-hours daily. It will run daily from midnight to the next midnight. The system will be available all day of the year, including holidays.
- NEFT transactions are expected to be initiated by banks using ‘straight-through processing (STP)’ transactions after normal banking hours.
- Member banks will send a positive confirmation message (N10) to the customer after all NEFT credits.
This step is taken under the Payment and Settlement Systems Act, section 18 of 2007 (Act 51 of 2007) and Section 10(2).
From 16th December 2019, new NEFT timings will be applied.
The original PDF published by RBI are given below:
You can also visit the RBI website for that notice.