Good News RBI to make NEFT available 24x7 from next year

[Bapun]

The Reserve Bank of India will soon make National Electronic Fund Transfer available round the clock on all days for bank customers. Currently, the channel can only be used between 8am to 7pm on working days.

“The Reserve Bank will make available the NEFT system on a 24x7 basis from December this year. This is expected to revolutionise the retail payments system of the country,” governor Shaktikanta Das said during the Monetary Policy press conference.

Transact round the clock: NEFT timings to change from December, RBI announces

 

[Johan Philip]

Promoting digital India Good work

 

[Bapun]

Promoting digital India Good work

Anything part of their Digital India scheme works only till a limited period of times. Some even reversed after a few months while others goes upto a few years.

 

[Esmail]

IMPS is already available round the clock 24X7 and doesn't even need to wait for being cleared in batches. Unless your bank charges you for IMPS and provides NEFT for free, I don't see a point in using the latter instead of the former.

 

[Bapun]

IMPS is already available round the clock 24X7 and doesn't even need to wait for being cleared in batches. Unless your bank charges you for IMPS and provides NEFT for free, I don't see a point in using the latter instead of the former.

Most of the private banks charging for IMPS. NEFT is a better option if you are in no emergency.

 

[Siva]

IMPS is already available round the clock 24X7 and doesn't even need to wait for being cleared in batches. Unless your bank charges you for IMPS and provides NEFT for free, I don't see a point in using the latter instead of the former.

IMPS caps single transaction @2 lakh, whereas NEFT allows up to 10 lakhs!

 

[Esmail]

IMPS caps single transaction @2 lakh, whereas NEFT allows up to 10 lakhs!

Technically speaking there is no upper limit set by RBI for NEFT transactions, it is the bank which decides to impose the limit of 10 lakh or 25 lakh, it varies from Bank to bank.
As for IMPS having an upper limit of 2 lakh that is sufficient since it is meant for relatively low value transactions, since for transactions higher than 2 lakh RBI already has RTGS in place which provides the same real time transfer as IMPS.

 

[Siva]

Technically speaking there is no upper limit set by RBI for NEFT transactions, it is the bank which decides to impose the limit of 10 lakh or 25 lakh, it varies from Bank to bank.

Yes, my example was of ICICI Bank.

As for IMPS having an upper limit of 2 lakh that is sufficient since it is meant for relatively low value transactions, since for transactions higher than 2 lakh RBI already has RTGS in place which provides the same real time transfer as IMPS.

Since we were comparing IMPS with NEFT, I have highlighted the differences. RTGS was not in our discussion. And speaking of RTGS, it doesn't work 24*7. One more thing is, not all banks are IMPS enabled, for instance I couldn't transfer from ICICI to Punjab and Sind Bank via IMPS. Only NEFT worked. So this is a good move in my opinion!

 

[WizarD]

Do we really need 3 methods (IMPS, NEFT, RTGS)?
Can't RBI combine everything to a single method?

 

[santhoshhrry]

i am the user of canara bank. still they charge for NEFT transfer. IMPS always gives unsuccessful transfer and bank deduct money. They credit back to account after a week.