NEFT facility to be available round the clock from December 16

In a bid to promote digital transactions, Reserve Bank has said that round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16. RBI said that the 24×7 NEFT system will be available on all days of the year, including holidays.

NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm.

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