The National electronic funds transfer (NEFT) service for fund transfers will not be available for 14 hours on May 23, the Reserve Bank of India (RBI) has said.
“A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. 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 tweeted today.
Member banks may inform their customers to plan their payment operations accordingly.
Similar technical upgrade for RTGS was completed on 18 April 2021.
NEFT is available 24X7. However, the transfer in case of NEFT happens in batches of half an hour. There is no maximum limit on the amount that one can transfer through NEFT, but different banks have different limits on the amount that can be transferred.
In order to transfer money through NEFT a person needs to mention the IFSC code, the name of the beneficiary, the name and bank account number of the person to whom money needs to be transferred.
Last month, the central bank had proposed to expand RTGS and NEFT facilities to non-bank payment system firms in a phased manner. The objective of the move is to encourage participation of non-banks across payment systems.
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