NEFT Transactions May Become Available 24x7 From December Onwards, Says RBI
The RBI is mulling plans to make the online payment system - the National Electronic Funds Transfer (NEFT) - available 24x7 from December 2019 onwards. With this, the customers would be able to make online transactions upto Rs 2 lakh to any of the beneficiaries at any point time.
Mumbai, August 7: The Reserve Bank of India (RBI) is mulling plans to make the online payment system - the National Electronic Funds Transfer (NEFT) - available 24x7 from December 2019 onwards. With this, the customers would be able to make online transactions upto Rs 2 lakh to any of the beneficiaries at any point time.
Currently, the facility of electronic transfer of funds through NEFT is available from 8.00 am to 7.00 pm on all working days of the week. However, this facility is restricted, as on second and fourth Saturdays in a month NEFT does not work. RBI Cuts Repo Rate by 35 Basis Points, Loans to Get Cheaper as Reduction in Lending Rate Marks Longest Stretch of Rate Cuts in 10 Years
Earlier, State Bank of India waived off the NEFT, RTGS transaction charges for transfer of funds effective July 1, 2019. Also, the bank has waived off IMPS charges which will be effective from August 1, 2019, which means the SBI IMPS charge will be zero for those users who want to transfer funds through YONO, internet banking (INB) and mobile banking (MB).
It is to be known that the Monetary Policy Committee, led by RBI Governor Shaktikanta Das, cut the Repo Rate by 35 basis points to 5.40 percent and Reverse Repo Rate at 5.15 percent on Wednesday, making an effort for cheaper loans to lenders. Along with this, RBI also lowered the GDP growth rate for 2019-20 lower to 6.9%, as compared to an earlier estimate of 7 percent.
(The above story first appeared on LatestLY on Aug 07, 2019 11:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).