MUMBAI: The Reserve Bank of India has made money transfer through banks easy by permitting NEFT transfers 24/7. Currently it is limited to working hours on weekdays.
The revised timings will be effective from December 2019, according to an RBI notification. The same is likely to spur retail and online payments in the country, says a report in Financial Express.
National Electronic Funds Transfer is Reserve Bank of India controlled platform which facilitates interoperable payment for fund transfer by a customer between different accounts.
Currently, NEFT is available only till 7:45 pm on working days. Also, NEFT does not work on 2nd and 4th Saturday of the week. RBI had announced its plan of making NEFT 24×7 in the Monetary Policy Meet held in August 2019.