{"id":222934,"date":"2019-12-07T13:30:09","date_gmt":"2019-12-07T08:00:09","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=222934"},"modified":"2019-12-07T12:46:43","modified_gmt":"2019-12-07T07:16:43","slug":"availability-of-national-electronic-funds-transfer-neft-system-on-24x7-basis","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/07\/availability-of-national-electronic-funds-transfer-neft-system-on-24x7-basis\/","title":{"rendered":"Availability of National Electronic Funds Transfer (NEFT) System on 24&#215;7 basis"},"content":{"rendered":"<ul>\n<li style=\"text-align: justify;\">It has been decided that the above facility shall be made available from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).<\/li>\n<li>Member banks are advised to note the following:<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\" type=\"a\">\n<li>There will be 48 half-hourly batches every day. The settlement of the first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.<\/li>\n<li>The system will be available on all days of the year, including holidays.<\/li>\n<li>NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using \u2018Straight Through Processing (STP)\u2019 modes by the banks.<\/li>\n<li>The existing discipline for crediting the beneficiary\u2019s account or returning the transaction (within 2 hours of settlement of the respective batch) to the originating bank will continue.<\/li>\n<li>Member banks will ensure the sending of positive confirmation message (N10) for all NEFT credits.<\/li>\n<li>All provisions of NEFT procedural guidelines will be applicable for NEFT 24&#215;7 transactions as well.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\n<ul style=\"text-align: justify;\">\n<li>Member banks are expected to keep adequate liquidity in their current account with Reserve Bank of India at all times to facilitate successful posting of NEFT batch settlements.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<ul>\n<li style=\"text-align: justify;\">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&#215;7 facility to their customers. Banks may disseminate information on the extended timings for NEFT to all their customers.<\/li>\n<\/ul>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Notification <\/strong>dt<strong>. 06-12-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It has been decided that the above facility shall be made available from December 16, 2019, with the first settlement taking place <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[38730],"class_list":["post-222934","post","type-post","status-publish","format-standard","hentry","category-business_news","category-news","tag-neft-facility"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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The salient features of the scheme are\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":218514,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/22\/real-time-gross-settlement-rtgs-system-increase-in-operating-hours\/","url_meta":{"origin":222934,"position":3},"title":"Real Time Gross Settlement (RTGS) System \u2013 Increase in operating hours","author":"Bhumika Indulia","date":"August 22, 2019","format":false,"excerpt":"At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm. 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