Updated: May 17, 2021 5:37:03 pm
The popular National Electronic Funds Transfer (NEFT) system for online transfer of funds will remain unavailable for 14 hours from Saturday mid-night till Sunday afternoon due technical upgrade, the Reserve Bank of India said on Monday.
National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021, RBI said in a statement.
“Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021. The RTGS system will continue to be operational as usual during this period,” the RBI said.
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The RBI has asked banks to inform their customers to plan their payment operations accordingly.
Similar technical upgrade for real-time gross settlement (RTGS) was completed on April 18, 2021.
RTGS facility is used for high-value fund transfers. NEFT is also a near-real-time funds transfer facility. NEFT currently operates in batches on half-hourly intervals throughout the day.
Besides funds transfer, NEFT system is also used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, and inward foreign exchange remittances, among others.
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