In a landmark decision, Reserve Bank of India (RBI) is all set to allow 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. “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.
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 24×7 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 24×7 fund transfers online but it had a limit of Rs 2 lakh.