NEFT Transaction Facility Available 24x7: Reserve Bank Of India

A bank account holder can now transfer any value of money online anytime with the Reserve Bank of India (RBI) allowing the National Electronic Funds Transfer (NEFT) facility available for 24 hours a day throughout the year starting Monday.

A bank account holder can now transfer any value of money online anytime with the Reserve Bank of India (RBI) allowing the National Electronic Funds Transfer (NEFT) facility available for 24 hours a day throughout the year starting Monday. Photo/AFP

New Delhi: A bank account holder can now transfer any value of money online anytime with the Reserve Bank of India (RBI) allowing the National Electronic Funds Transfer (NEFT) facility available for 24 hours a day throughout the year starting Monday. Prior to this, people could transfer money online between 8 am and 6:30 pm on the days when banks were open. The NEFT  facility would be available round the clock starting 12 am on Monday, the RBI said in a tweet.

RBI operationalized NEFT 24x7 basis from today 12:00 am. This ensures availability of anytime electronic funds transfer. RBI now joins an elite club of countries having payment systems which enable round the clock funds transfer and settlement of any value.@DasShaktikanta 1/2

— ReserveBankOfIndia (@RBI) December 16, 2019

"This ensures the availability of anytime electronic funds transfer," it said. The facility will be available on all days of the year including holidays. India's central bank said it has joined an "elite club of countries having payment systems which enable round the clock funds transfer and settlement of any value" with the step.

NEFT is now available 24 x 7 https://t.co/PTeqNeoM6C pic.twitter.com/hP8yEW0ulk

— ReserveBankOfIndia (@RBI) December 16, 2019

Over 11.4 lakh money transactions were successfully completed using the NEFT medium between 12 am and 8 am on the starting day, the central bank said. "Making available NEFT 24x7 is part of RBI's vision of empowering every Indian with access to a bouquet of e-payment options," the RBI stated. So far, IMPS facility allowed 24x7 fund transfers online but it had a limit of Rs 2 lakh.