RBI announces taxation of National Electronic Funds Transfer for 24 hours

New Delhi, Dec 07 (HS): The Reserve Bank of India (RBI) has announced taxation of National Electronic Funds Transfer (NEFT) for 24 hours from December 16 to promote digital transactions. RBI said in a statement that now the facility of transaction under NEFT will be available seven days a week including a Holiday. NEFT Transaction is settled on normal days between 8 am to 7 pm and on the first and third Saturday.

The  Reserve Bank said in a notification that it has been decided to start the NEFT transaction 24 hours, seven days. The Reserve Bank has asked all member banks to keep sufficient funds in the current account with the regulator at all times so that there is no problem in NEFT transactions