RBI introduces additional settlement batches in National Electronic Funds Transfer (NEFT) System

The Reserve Bank of India in its First Bi-monthly Monetary Policy Statement for 2017-18 has announced the introduction of additional settlements in the NEFT system to enhance the efficiency and add to customer convenience.

The additional 11 settlements at half-hour intervals will be introduced with effect from July 10, 2017 (Monday) at 8.30 am, 9.30 am, 10.30 am ……… 5.30 pm and 6.30 pm, taking the total number of half hourly settlement batches during the day to 23.

The starting batch at 8.00 am and closing batch at 7.00 pm shall remain the same as hitherto. The return discipline shall also remain the same i.e., B+2 hours (settlement batch time plus two hours) as per extant practice.

Monetary Policy Statement for 2017-18 Excerpts

Introduction of Additional Settlement Batches for National Electronic Funds Transfer (NEFT) – As envisaged in the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement cycle will be reduced from hourly batches to half hourly batches. Consequently, 11 additional settlement batches will be introduced at 8.30 am onwards, taking the total number of half hourly settlement batches during the day to 23. This will enhance the efficiency of the NEFT system and add to customer convenience. The starting batch at 8.00 am and closing batch at 7.00 pm shall remain the same, as hitherto. The return discipline shall also remain the same, i.e., B+2 hours (settlement batch time plus two hours) as per the existing practice.