The Reserve Bank of India has announced the start of a 24/7 transaction facility from 16 December through the National Electronic Funds Transfer System (NEFT) to promote digital transactions.
In a statement on 6 December (Friday), the RBI said that soon the transaction facility under NEFT will be available seven days a week, including holidays. Till now, transactions from NEFT were done between 8 am and 7 pm on normal days and from 8 am to 1 pm on the first and third Saturdays. No transactions could be conducted on second and fourth Saturdays and even on Sundays.
The Reserve Bank has asked people to keep sufficient funds in their current accounts at all times so that it does not disrupt any kind of NEFT transactions.
Important Instructions For Customers
The central bank has instructed all banks to take all necessary steps and rectify any deficiences to ensure NEFT transactions can be completed in a smooth manner. They also said that banks should publicise these changes made regarding NEFT so that customers are well informed.
The Reserve Bank of India has also decided to abolish the fees on NEFT and RTGS transactions. An amount of up to Rs 2 lakh can be transferred using NEFT from 16 December 2019 onwards without any charges.
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