With effect from December 16, 2019 RBI has asked banks to Extend NEFT facility 365/24*7 .
Tag: NEFT
The Reserve Bank has since reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems. In order to provide an impetus to digital funds movement, it has been decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by Reserve Bank of India (RBI) for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived by the Reserve Bank. The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 1, 2019.
RBI has revised the RTGS time window with effect from June 01, 2019 as under: Sr. No. Event Time 1. Open for Business 08:00 hours 2. Customer transactions (Initial Cut-off) 18:00 hours 3. Inter-bank transactions (Final Cut-off) 19:45 hours 4. IDL Reversal 19:45 hours – 20:00 hours 5. End of Day 20:00 hours 3. The…