NEFT facility to be available 24×7 by December 2019

The Reserve Bank of India will make available the National Electronic Funds Transfer system on a 24×7 basis from December 2019 as per the Payment System Vision 2021 document.

Presently, the transfer of funds via NEFT can only be done during banks’ working hours. The facility of electronic transfer of funds is available from 8 am to 7 pm on all working days, except the second and the fourth Saturday of the month.

The move will revolutionize the retail payments system of the country. It will also reduce the number of cheques while making payments and will also increase efficiency in businesses.

Static/Current Takeaways Important For SBI Clerk Mains:

  • Governor of RBI: Shaktikant Das; Headquarters: Mumbai, Founded: 1 April 1935, Kolkata.

Source: The Live Mint

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