The Reserve Bank of India (RBI) said on Monday that the National Electronic Fund Transfer (NEFT) service will not be available for 14 hours on May 23 due to a “technical upgrade”. According to this information of RBI, the service of NEFT will be closed on May 23, 2021 from 12 o’clock in the morning to 1 o’clock in the afternoon.
However, the RTGS (real-time gross settlement) system will continue to operate as usual during the above period, as noted by the central bank.
Member banks may inform their customers to plan their payment operations accordingly. A similar technical subgradation for RTGS was completed on 18 April 2021.
NEFT 24X7 is available. However, in case of NEFT, transfer takes place in half-hour batches. There is no maximum limit on the amount that can be transferred through NEFT, but different banks have different limits of the amount that can be transferred.
To transfer money through NEFT, a person has to mention the IFSC code, beneficiary name, name of the person and bank account number that needs to be transferred.
Last month, the central bank proposed to extend RTGS and NEFT facilities to non-bank payment system firms in a phased manner. The move aims to encourage non-banks’ participation in payment systems.