Good news for merchants and online transactions. Those who are in greater need of fund transfer will now be able to NEFT anytime.
The Reserve Bank of India (RBI) has issued a circular to change the time frame of National Electronic Fund Transfer (NEFT) keeping in mind the facilities of consumers.
In the circular, the Reserve Bank of India (RBI) has issued orders for all banks. After the introduction of this facility, online bank consumers will get a lot of benefits. Especially the business class is going to benefit more.
According to the order of Reserve Bank of India (RBI), now from December 16, 2019, money can be transferred through 24-hour National Electronic Fund Transfer (NEFT).
Transfer money even during holidays
NEFT will now be available 24 hours on holidays as well. You will be able to avail the NEFT facility from home anytime.
Right now the time to perform NEFT (NEFT) is from 8 AM to 7 PM and you do not have the facility of NEFT (NEFT) on holidays.
How will NEFT get settled
As per the Reserve Bank of India order, the settlement of NEFT (NEFT) will be done as a batch every half an hour from 16 December 2019.
According to the circular, the first batch will be settled in a total of 48 batches throughout the day at 12.30 AM and then every half-an-hour difference.
In this way, the final settlement batch of NEFT will be at 00.00AM.