- 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).
- Member banks are advised to note the following:
- 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.
- The system will be available on all days of the year, including holidays.
- NEFT transactions after usual banking hours of banks are expected to be automated transactions 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 of the respective batch) to the originating bank will continue.
- Member banks will ensure the sending of positive confirmation message (N10) for all NEFT credits.
- All provisions of NEFT procedural guidelines will be applicable for NEFT 24×7 transactions as well.
- 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.
- 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. Banks may disseminate information on the extended timings for NEFT to all their customers.
Reserve Bank of India
[Notification dt. 06-12-2019]
