Money Transfer made easy! RBI notes 11.4 lakh transactions in first eight hours of round the clock NEFT force

Mumbai, December 17: The Reserve Bank has informed that about 11.4 lakh transactions were settled in the first eight hours after the round the clock operation of National Electronic Funds Transfer - NEFT system came into force from 12:00 am today. The RBI said, making NEFT available 24x7 is part of its vision of empowering every Indian with access to a bouquet of e-payment options.

 

 

Meanwhile, in order to give further impetus to digital retail payments, RBI has asked banks not to levy any charges from account holders for funds transfers done through NEFT system which are initiated online from January 1, 2020. Online transactions include internet banking and through mobile apps of banks.

"Member banks are also advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers. Banks may disseminate information on the extended timings for NEFT to all their customers", RBI said.

 

From July 1 this year, RBI had decided not to levy charges on transactions through NEFT and Real Time Gross Settlement (RTGS) system in order to promote digital transactions in the country, and asked banks to pass on the benefits to the customers. Earlier, the RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levy charges on their customers. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh.