NEFT transactions to be made 24×7 from December 16

The Reserve Bank of India announced round-the-clock transactions will be allowed 24×7 facility under the National Electronic Funds Transfer (NEFT) system on all days including weekends and holidays from December 16. These transactions after the usual banking hours are set to be automated initiated using ‘Straight Through Processing (STP)’ modes by the banks.

The existing discipline for crediting the beneficiary’s account or returning the transaction within 2 hours of settlement to the originating bank will also continue. Member banks are also advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24×7 facility to their customers.

Static/Current Takeaways Important For IBPS SO 2019:

  • RBI 25th Governor: Shaktikant Das, Headquarters: Mumbai, Founded: 1 April 1935, Kolkata.

Source: The News on AIR

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