RBI announces NEFT facility will be available round-the-clock for customers

The Reserve Bank of India yesterday announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers. 

Speaking at a press conference after the release of the third bi-monthly policy statement, RBI Governor Shaktikanta Das said the RBI will make available the NEFT system on a 24x7 basis from December 2019. 

Currently, NEFT payment system operated by the Reserve Bank as a retail payment system is available for customers from 8 AM to 7 PM on all working days of the week except 2nd and 4th Saturdays of the month.

Addressing the media, the RBI Governor said that the RBI has also



decided to create a central payments fraud information registry system to deal banking frauds adding that the details of the same will be shared later.

The RBI Governor further said in order to leverage the advantages of the Bharat Bill Payment System and harness its full potential, it has been decided to permit all categories of billers (except prepaid recharges) who provide for recurring bill payments to participate in BBPS on a voluntary basis. 

The BBPS, an inter operable platform for repetitive bill payments, currently covers five segments that are direct-to-home, electricity, gas, telecom and water bills.