NEFT System To Be Available 24/7 From 16 December: RBI

The Reserve Bank of India on Friday (6 December) announced it has decided to make the National Electronic Funds Transfer (NEFT) system available on a round-the-clock basis from 16 December.

The facility is used to electronically transfer funds from one account to another of banks which are members of this system.

"The system will be available on all days of the year, including holidays," RBI said in a notification.

"NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks."

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)