Availability of National Electronic Funds Transfer (NEFT) System on a 24x7 basis.


Availability of National Electronic Funds Transfer (NEFT) System on a 24x7 basis.
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Saturday, December 7, 2019
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Dear all,

Your association SIMA is forwarding herewith a Circular No. DPSS (CO) RPPD No.1097/04.03.01/2019-20, dated 06.12.2019 issued by Reserve Bank of India. 

As per the Circular, Availability of National Electronic Funds Transfer (NEFT) System on a 24x7 basis. With reference to the earlier Circular No. DPSS (CO) RPPD No.510/04.03.01/2019-20 dated 30th August 2019, regarding availability of NEFT on a 24x7 basis. 

It has been decided that the above facility shall be made available from 16th December 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:

a. 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.
b. The system will be available on all days of the year, including holidays.
c. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks...TO READ THE FULL CIRCULAR PLEASE CLICK HERE.

Thanking you,
With Regards,

For Silvassa Industries & Manufacturers Association

Narendra Trivedi
Secretary


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