The Reserve Bank of India on Monday said that the National Electronic Funds Transfer (NEFT) will not be available for 14 hours on May 23, Sunday, owing to a technical upgrade. The upgrade will look to enhance the performance and resilience and 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 central bank said.
also read
- SBI launches YONO 2.0 in major banking app upgrade: Here are the features of the new version
- Fino is the first step in expanding India’s Small Finance Bank ecosystem
- With inflation benign and growth likely to soften, is there room for further interest rate cut by RBI? Here's what experts say
- RBI doesn't target any specific level for rupee, interventions to only curb excessive volatility: Governor Malhotra
However, the RTGS system, which had undergone a similar technical upgrade last month, will continue to be operational as usual on Sunday. The RBI directed banks to inform their customers to plan their payment operations accordingly. "NEFT members will continue to receive event update(s) through NEFT system broadcasts," the notification added.
NEFT is a nationwide centralised payment system owned and operated by the RBI. The Reserve Bank made NEFT available on a 24x7 basis from December 16, 2019. RTGS is meant for large-value instantaneous fund transfers while NEFT is a popular mode for small-value transactions.
