NEFT money transfer facility to be available 24x7 soon
RBI announced round-the-clock availability of NEFT payment system from December 2019
As expected, RBI today cut repo rate by 35 basis points
The Reserve Bank of India (RBI) in its Monetary Policy Review meet today announced round-the-clock availability of the National Electronic Funds Transfer (NEFT) payment system from December 2019. Currently, NEFT payment system operated by RBI as a retail payment system is available for customers from 8.00 am to 7.00 pm on all working days of the week (except 2nd and 4th Saturdays of the month). The availability of NEFT on a 24x7 basis is expected to revolutionise the retail payments system of the country.