India's central bank says all-day digital money transfer to be available

Source: Xinhua | 2019-12-09

India's central banking institution Reserve Bank of India (RBI) said round-the-clock transactions will be available under the National Electronic Funds Transfer (NEFT) system from Dec. 16 to promote digital transactions, officials said Saturday.

According to RBI, 24x7 NEFT system will be available on all days of the year including holidays.

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

RBI said the member banks have been advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers.