NEFT facility to be available round the clock from December 16

In a bid to promote digital transactions, Reserve Bank has said that round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16. RBI said that the 24x7 NEFT system will be available on all days of the



year, including holidays.

NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm.