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NEFT Settlements Now Every Half Hour: RBI
Dr Urjit Patel (PUNIT PARANJPE/AFP/GettyImages
The Reserve Bank of India (RBI), in order to enhance efficiency in the banking sector has decided to introduce additional transfer batches in the National Electronic Fund Transfer (NEFT) system. Currently, transactions through the NEFT are cleared in batches at the end of every hour, and the money is credited to the beneficiary only after a End-of-Batch (EOB) message is received by the recipient bank.
The RBI has now introduced 11 new half-hourly batches, taking the total number settlement batches to 23 per day. The first and last batches of the day will remain 8 am and 7 pm. The newer batches will start at 8.30am and continue till 6.30pm.
The new batches will be in place by 10 July 2017.
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