RBI to make NEFT available for 24×7

The RBI has decided to make National Electronic Funds Transfer (NEFT) available every day of the week and at any time, with effect from December 2019. The Reserve Bank of India (RBI) in its Statement on Developmental and Regulatory Policies issued on August 7, 2019, has stated that there will be round-the-clock availability of the National Electronic Funds Transfer System from December 2019.

Currently, the National Electronic Funds Transfer (NEFT) payment system, operated by the Reserve Bank as a retail payment system, is available for customers from 8.00 am to 7.00 pm on all working days of the week (except 2nd and 4th Saturdays of the month).

As mentioned in the Payment System Vision 2021 document, the Reserve Bank will make available the NEFT system on a 24×7 basis from December 2019.