The payment system, NEFT, which makes payments easy and fast, will now be available 24/7 as the Reserve Bank of India (RBI) has allowed the operation round-the-clock. Until yesterday, the facility had only between 8 am and 6:30 pm. Now, the news comes as a great relief with not having to check the availability of electronic funds transfer.
However, NEFT transfers have been split into half-hourly batches - the first batch starting after 12:30 am and the last batch ending at midnight. That means, we cannot make a transaction from 11.30 pm to 12.20 am since the settlement of the last NEFT payment batch ends at midnight.
Surprisingly, the RBI also announced that NEFT money transfer facility is available now even on holidays, all 365 days. Earlier, NEFT facility was not available on banking holidays and people had to wait for the bank branches to open even for online money transfers.
With this new change, the country is ahead of the developed world in digital technology in terms of payments and banking transactions. RBI will promote digital transactions in India from here on.
SOURCE : GULTE