11.4 Lakh Transactions Settled In 8 Hours After RBI Operationalises NEFT 24x7
Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

11.4 Lakh Transactions Settled In 8 Hours After RBI Operationalises NEFT 24x7

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Around 11.40 lakh transactions were settled in the first eight hours after widely-used National Electronic Funds Transfer was made operational on 24x7 basis, the Reserve Bank of India said.

The RBI operationalised NEFT System 24x7 from 12 a.m. on Monday. "This ensures availability of anytime electronic funds transfer," it said.

The RBI now joins an elite club of countries having payment systems which enable round-the-clock funds transfer and settlement of any value.

"Between 12 a.m. and 8 a.m. this morning, NEFT settled over 11.40 lakh transactions," it said.

The RBI said making NEFT available 24x7 is part of its vision of empowering every Indian with access to a bouquet of e-payment options.

In order to give further impetus to digital retail payments, banks have been asked to levy any charges from their savings bank account holders for funds transfers done through NEFT system which are initiated online from Jan. 1, 2020.

Online transactions include internet banking and through mobile apps of banks.

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