The fashionable National Electronic Funds Transfer (NEFT) system for on-line switch of funds will stay unavailable for 14 hours from Saturday mid-night until Sunday afternoon due technical improve, the Reserve Bank of India mentioned on Monday.
National Electronic Funds Transfer (NEFT) is a nation-wide centralised fee system owned and operated by the Reserve Bank of India (RBI). It is out there around the clock availability on all days of the yr.
A technical improve of NEFT, focused to boost the efficiency and resilience, is scheduled after the shut of enterprise of May 22, 2021, RBI mentioned in a press release.
“Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021. The RTGS system will continue to be operational as usual during this period,” the RBI mentioned.
The RBI has requested banks to tell their clients to plan their fee operations accordingly.
Similar technical improve for real-time gross settlement (RTGS) was accomplished on April 18, 2021.
RTGS facility is used for high-value fund transfers. NEFT can be a near-real-time funds switch facility. NEFT presently operates in batches on half-hourly intervals all through the day.
Besides funds switch, NEFT system can be used for a wide range of transactions together with fee of bank card dues to the cardboard issuing banks, fee of mortgage EMI, and inward international trade remittances, amongst others.
