The Reserve Bank of India (RBI) has decided to make the National Electronic Funds Transfer (NEFT) system available 24x 7 from December 16.
“The system will be available on all days of the year, including holidays,” RBI said in a notification.
At present, NEFT is available only during bank working hours.
The process will be automated and use ‘Straight Through Processing (STP)’ modes, RBI added.
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