RBI notifies that National Electronic Funds Transfer System will be available on 24x7 basis

Dec 16, 2019 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Reserve Bank of India (RBI) has decided that the National Electronic Funds Transfer (NEFT) System shall be made available on 24x7 basis from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019.

The member banks are expected to keep adequate liquidity in their current account with Reserve Bank of India at all times to facilitate successful posting of NEFT batch settlements and are advised to note the followings:

a. There will be 48 half-hourly batches every day. 

b. The system will be available on all days of the year, including holidays.

c. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.

d. The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.

e. Member banks will ensure sending of positive confirmation message (N10) for all NEFT credits.

f. All provisions of NEFT procedural guidelines will be applicable for NEFT 24x7 transactions as well.

[Notification No. RBI/2019-20/111. DPSS (CO) RPPD No.1097/04.03.01/2019-20]


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