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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.
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In a bid to promote digital transactions, the RBI on Saturday said round the clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16. "The 24X7 NEFT system will be available on all days of the year, including holidays", it said.
Post announcing a rate cut in the repo rate for the fourth consecutive time in a row, the RBI on Wednesday decided to allow round the clock fund transfers through NEFT from December this year in order to promote digital transactions.
State Bank of India, being country's largest lender by assets, has decided to waive Immediate Payment Service charges for its internet banking, mobile banking and YONO customers, effecting from August 1.
In order to facilitate high-value fund transfers, it has been decided to extend timings for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to 06 PM. In the announcement on Tuesday, the Reserve Bank of India (RBI) said that new timing will be effective from 1st June.
The Central Banking Institution has announced that some of the banks would work until 8 PM on Saturday. The RBI stated that the counters of their designated branches conducting government banking be open for transactions up to 8.00 PM on March 31.
In a bid to boost digital transactions, a series of banks are mulling over cancelling online transaction fees. HDFC has already made online transaction through RTGS and NEFT free from November 1.
