The Reserve Bank of India has given great relief to the people doing online transactions. In fact, RBI said in a statement that now the facility of transaction under National Electronic Fund Transfer (NEFT) will be available seven days a week, including holidays. This means that now you can do money transactions online anytime and anytime through NEFT.
The Reserve Bank said in a notification that it has been decided to start the NEFT transaction round the clock, seven days. Along with this, the Reserve Bank has asked all member banks to keep sufficient amount in the current account with the regulator at all times so that there is no problem in NEFT transactions. At the same time, all banks have been asked to implement this service correctly. According to RBI, banks can inform consumers about the changes made in NEFT.
NEFT is a method of online transaction. Under this, you can transfer online up to Rs 2 lakhs at a time. This transaction can be done through bank branch or through internet and mobile banking. As of now, on normal days NEFT transaction takes place between 8 am and 7 pm. On the first and third Saturdays, it is done on an hourly basis from 8 am to 1 pm.
According to RBI, in the period from October 2018 to September 2019, there has been a transaction of Rs 252 crore from NEFT. Their transactions have increased by 20 per cent on an annual basis. Explain that the Reserve Bank has already decided to abolish fees on NEFT transactions.
