Insta
Reserve Bank of India, Mumbai (INDRANIL MUKHERJEE/AFP/Getty Images)
The Reserve Bank of India (RBI) will start permitting 24x7 National Electronic Funds Transfer (NEFT) facility from December onwards this year (2019), reports PTI. Currently, NEFT, which is a retail payment mechanism for transactions up to Rs 2 lakh, is only available between 8 am and 7 pm on working days.
The move “is expected to revolutionise the retail payments system of the country” according to the RBI. The central bank had outlined the proposal in its Payment System Vision 2021 document as well.
This is the latest decision from the RBI seeking to make online payments more convenient for users. Previously in June it had removed charges on NEFT and Real Time Gross System (RTGS) transactions. RTGS is a funds payment mechanism which is used for large online transfers instantaneously.
Moreover, the central bank has already formed a committee, which includes representatives from various stakeholders, in order to scrutinise the range of ATM charges.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest