TODAY -

RBI allows NEFT 24 x7 from today
Source: IT News

Imphal, December 16 2019: With a view to facilitate smooth settlement of National Electronic Funds Transfer (NEFT) system, RBI has decided to permit NEFT transactions in the accounts of the member banks maintained by it, on 24 x 7 basis from today.

Till now NEFT was available only between 8 am and 7:45 pm on working days.

Besides NEFT did not work on 2nd and 4th Saturday of the week.

"In order to facilitate smooth settlement of these transactions, RBI has decided to extend the collateralised liquidity support (LS), round the clock, the RBI circular dated 13 December 2019 stated.

The decision to allow NEFT transactions on 24 x7 was taken in the Monetary Policy Meet of RBI held in August 2019 .

LS facility will operate as per the same terms and conditions as the Intra-Day Liquidity (IDL) facility, all member banks eligible for the IDL facility will be eligible to avail of the LS facility, the limit for LS facility would be set by RBI from time to time.

Drawings under the LS facility shall be reckoned as part of the eligible IDL limit, the margin requirement on LS facility would be similar to that of IDL facility, outstanding drawing at the end of the day under the LS facility will be automatically converted into borrowing under the Marginal Standing Facility (MSF), the MSF borrowing reversal will take place along with other (Liquidity Adjustment Facility (LAF) operations as is currently being done, the instructions on intra-day-liquidity and reversal of IDL shall continue, as hitherto and RBI may review the facilities based on the experience gained in operationalizing the scheme.

RBI has advised its member banks that: there will be 48 half-hourly batches every day.

The settlement of 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 beneficiary's account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue, member banks will ensure sending of positive confirmation message (N10) for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for NEFT 24x7 transactions as well.

Member banks are expected to keep adequate liquidity in their current account with RBI at all times to facilitate successful posting of NEFT batch settlements.

They have also been advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers.

"This move (by RBI) is a step towards reducing the number of cheques while making payments.

Reducing cheque-based payments also increases a business' efficiency.

Earlier, RBI had removed NEFT and RTGS (Real Time Gross Settlement System) charges, making such transactions cheaper.

This will certainly promote digital payments for business users," RBI official said.

RBI has already included other categories of recurring payments through the Bharat Bill Payment System (BBPS) that enables a customer to pay several bills such as telephone, water, gas, direct-to-home (DTH) and electricity at a single location—electronic or physical.

BBPS payments can be made using cash, cheques as well as through any digital mode of payment such as internet banking, debit, credit card among others.

Bill aggregators and banks function as operating units and carry out these payment transactions for customers.


* Comments posted by users in this discussion thread and other parts of this site are opinions of the individuals posting them (whose user ID is displayed alongside) and not the views of e-pao.net. We strongly recommend that users exercise responsibility, sensitivity and caution over language while writing your opinions which will be seen and read by other users. Please read a complete Guideline on using comments on this website.




LATEST IN E-PAO.NET
  • Analysis of health system in Manipur
  • COVID-19 Status 27 Oct : Govt of Manipur
  • ZMlgdr AEKoIn :: Seireng
  • COVID-19 : Impact in Manipur :: News Timeline
  • Team India - Responding to adversity
  • Moments :: Poem
  • Mount Manipur alias Mt Harriet in Andamans
  • Poor vaccination- threat of new Covid variant
  • Remember the vote of 2017
  • Bor khoiramnaba @Hiyangthang #3 : Gallery
  • COVID-19 Status 26 Oct : Govt of Manipur
  • Now, NSCN-IM says talks are on track
  • 10th Reading : Youth & Electoral Politics
  • Workshop : Startup Ecosystem of NER
  • The nouveau riche
  • World Day for Audiovisual Heritage
  • Politicians using public as election pawns
  • Polls not far off
  • Cosmos Festival @ Maram #2 : Gallery
  • COVID-19 Status 25 Oct : Govt of Manipur
  • Report: Rongmei Scholars' Assn Third Talk
  • Judges for Miss Chavangkut Northeast 2021
  • Flower arrangement: An easy way to relax
  • Ambassadors round table for DEFEXPO 2022
  • Meeting on ST status at Bokajan
  • National Security Studies in Manipur
  • I-FLOCS eSYMPOSIA Manipur, 2021 Report
  • Ugliest side of election
  • Where are the promises?
  • Kwak Tanba @Sana Konung #2 : Gallery
  • COVID-19 Status 24 Oct : Govt of Manipur
  • UN Day Observation [24 Oct]: Gallery
  • Delhi Fashion club in Goa & Bangaluru
  • United Nations & Lions Clubs International
  • UN Day & Legal Services
  • Strict enforcement of SOPs still essential
  • Posers before the BJP Govt
  • Health management of poultry #1
  • COVID-19 Status 23 Oct : Govt of Manipur
  • Dance & Music Festival : Gallery
  • Shri Krishna devotion in Sankirtan #3
  • Naga Peace Process :: News Timeline
  • At some point of life :: Poem
  • Social media, the new 'political battlefield'
  • Makru Bridge : Gallery
  • COVID-19 Status 22 Oct : Govt of Manipur
  • AEgi nuZsirb puQniZ-waKL
  • What is your dream ?
  • And then I realised :: Poem
  • Rabbit farming : Advantages & management
  • Wishful think politicians would honour SOP
  • From CSOs to electoral politics
  • Bor khoiramnaba @Hiyangthang #2 : Gallery
  • COVID-19 Status 21 Oct : Govt of Manipur
  • 3rd Meet-the-minister : Gallery
  • Tomorrow's Not The Same : Macnivil video
  • Global lung health meet opens
  • Our Environment
  • Manipur and National Master Plan
  • Worst possible condition of Loktak Lake
  • Pulling in different directions
  • Mera Houchongba @ Kangla #1 : Gallery
  • COVID-19 Status 20 Oct : Govt of Manipur
  • Memorial lecture of Prof S. Brajamani
  • 32nd Loktak Day celebration
  • Commercial sweet corn production strategies
  • Party manifesto & unemployment allowance
  • Discussion : Youth & Electoral Politics
  • Satisfactory role of police in pandemic era
  • Doing away with the 3 hour exams
  • Pena - A spike fiddle of Manipur
  • COVID-19 Status 19 Oct : Govt of Manipur
  • 3rd Meet-the-minister
  • Minimising wastage
  • Fractured life :: Poem
  • Strengthening law and order & peace
  • National Entrepreneurship Olympiad
  • Different take on glorifying Manipuri warriors
  • What is it that Manipur wants?
  • Kwak Tanba @Sana Konung #1 : Gallery
  • COVID-19 Status 18 Oct : Govt of Manipur
  • 10th Anniversary of PCRM
  • Shri Krishna devotion in Sankirtan #2
  • Every girl child must be digitally empowered
  • Myths about hair care
  • Condemn Poll related violence in Andro
  • Anti-drug crusader seeking public mandate
  • Of news makers & others : Unwitting help?
  • Athuan Abomai funeral : Gallery
  • COVID-19 Status 17 Oct : Govt of Manipur
  • Mirabai Chanu - Daughter of Meira Paibis
  • Appeal to govt for ST recommendation
  • Entrepreneurship through Mushroom
  • My best Friend :: Poem
  • 'needs for preserving culture'
  • Authorities in denial mode on deforestation
  • Mount Manipur
  • Legal Outreach Program [Oct 16] : Gallery
  • COVID-19 Status 16 Oct : Govt of Manipur
  • Outreach Programme in villages of Manipur
  • We belong with you :: Poem
  • The man with a golden heart
  • Yuva Shakti - Sports to Start-ups
  • Three Durgas - Micro, Small & Medium
  • General strike [October 15] : Gallery
  • COVID-19 Status 15 Oct : Govt of Manipur
  • Nobel for journalists, Wow !
  • No Health without Mental Health
  • Seriously, what are we waiting for? :: Poem
  • Breeding management of dairy cows
  • Poor roads impeding development goals
  • Drop in new cases
  • Bor khoiramnaba @Hiyangthang #1 : Gallery
  • Steeper climb for female to civil service
  • World Food Day 2021
  • Journey of Covid vaccination so far
  • Vitamins for beauty
  • The Killing Fields 2021 :: News Timeline
  • Pravish case: Will justice be delivered ?
  • Racing towards Goonda Raj ?
  • A tribute to Padmashri Thongram Haridas
  • COVID-19 Status 13 Oct : Govt of Manipur
  • Shri Krishna devotion in Sankirtan #1
  • Malaria vaccine: Vital addition to toolkit
  • Drizzle :: Poem
  • Environment protection under Constitution
  • It's election time, 'CM Da Haisi'
  • Firing on a funeral service
  • Tungjoy, Senapati District : Gallery
  • COVID-19 Status 12 Oct : Govt of Manipur
  • I-FLOCS eSYMPOSIA Manipur, 2021 held
  • Meaning of Life :: Poem
  • To love is to let go
  • Intl Conference @RGU, Arunachal [Oct 12]
  • Licence to abet violent polls
  • Not the time to let the guards down
  • Mai-Own : Manipur products #2 : Gallery
  • COVID-19 Status 11 Oct : Govt of Manipur
  • RIST Popular Talk -50 : Nobel Prize
  • Helpline on World Mental Health Day
  • Career options in Mental Health
  • International Conference at RGU, Arunachal
  • 'Houseful' BJP no guarantee to retain power
  • Ugly unfolding of events
  • 125th Jananeta Irawat Day #2 : Gallery
  • Tamenglong & Noney Projects : Gallery
  • Maisnam Meiraba: Men's Singles @ Bulgaria
  • A divided world :: Poem
  • Gandhi Account
  • Haplessness of voters
  • Lining up for the saffron party
  • Cosmos Fest @ Maram [7 Oct] #1: Gallery
  • COVID-19 Status 09 Oct : Govt of Manipur
  • Veg-in-a-Basket recognises its farmers
  • World Mental Health Day 2021
  • The fog always lifts :: Poem
  • Probable future of learning
  • Pest and disease management
  • Downloadable Manipuri Calendar :: 2022
  • COVID-19 Status 08 Oct : Govt of Manipur
  • The power of laughter
  • Yet to come :: Poem
  • Keidoubagi Kidoino Shumang Leela
  • Sadbhavna Mandaps in Kangpokpi
  • Best chance to prevent virus deaths
  • What should Manipur look forward to?
  • Abonmai: Shutdown- 4 Oct #3: Gallery
  • COVID-19 Status 07 Oct : Govt of Manipur
  • Folk Tale Tapta: Some Observations
  • Victoria's Secret
  • Training on Mushroom Cultivation
  • Night inspection of Prime Minister
  • New country roads promise...faster, quicker
  • Pact with Abonmai JAC silence detractors?
  • Probe for 30 days; job promise
  • Irawat Day @ Pishum : Gallery
  • COVID-19 Status 06 Oct : Govt of Manipur
  • Karishma Chanu : 2nd @ World Bodybuilding
  • Justice for Late Athuan Abonmai
  • Story to tell :: Poem
  • TIME2021 :: For Math Teachers & Educators
  • Wildlife Week, celebration of nature 2021
  • Vice President's wake-up call
  • Eyes now on Delhi for some days
  • Raas Lila and Shumang Lila
  • Abonmai: Shutdown- 4 Oct #2: Gallery
  • COVID-19 Status 05 Oct : Govt of Manipur
  • India Vice President visited IBSD, Takyelpat
  • Wake up :: Poem
  • Preserve trees when building a new house
  • Forgotten concern in economic governance
  • Launch of drone project for vaccination
  • The virus is still out there
  • Abonmai: Shutdown- 4 Oct #1: Gallery
  • COVID-19 Status 04 Oct : Govt of Manipur
  • International Day of Non-violence
  • The cowboy dream
  • I may not be human but... :: Poem
  • Taking Kohima and Dispur on board
  • Building Cultural Competence
  • Case dip no guarantee Covid is over
  • COVID-19 Status 03 Oct : Govt of Manipur
  • Meeting at Hojai, Assam on ST status
  • In my garden of life :: Poem
  • The colored lens of life
  • Get rid of dandruff
  • 2022 polls: Different dilemmas ..
  • BJP on the swing
  • Issues galore for polls
  • Abonmai: Tamenglong Rally- 29 Sep: Gallery
  • COVID-19 Status 02 Oct : Govt of Manipur
  • Manipuri Nata Sankritana Mahajyaga
  • 'Cleanliness Drive' on 'Gandhi Jayanti'
  • Intricacies of intending candidates
  • Why cage ourselves ? :: Poem
  • Gandhi Jayanti observed at Manipur Univ
  • Sit-in Abonmai killing [1 Oct] : Gallery
  • COVID-19 Status 01 Oct : Govt of Manipur
  • 125th Jananeta Irawat Day #1 : Gallery
  • Dr N Raghumani: CRSI Bronze Medal Award
  • Abonmai Killing: Protest [27 Sep]: Gallery
  • Irawat Day celebrated at Lilong
  • Bishwamitra Chongtham - Boxing: Gallery
  • COVID-19 Status 29 Sep : Govt of Manipur
  • October Calendar for Year 2021 : Tools
  • Melei Charong @ Pune [26 Sep]: Gallery
  • Thangol maya thangu thouna hey lao-uba
  • Vanijya Utsav @Imphal #2 : Gallery
  • Harup Waterfall, Kangpokpi Dist #2 : Gallery
  • Featured Front Page Photo 2021 #4: Gallery
  • Schools in Jiribam : Gallery
  • Tarpon Katpa @ Loktak #1 : Gallery
  • Kanglasha Kaba Khanba removal #2: Gallery
  • Thri Kappi Sanaba @Andro #1 : Gallery
  • Saikhom Mirabai: Olympics #2: Gallery
  • Manipur Olympians reception : Gallery
  • Mary Kom reception- Aug 20: Gallery
  • Hijam Gourashyam : Manipur Sahitya
  • Sushila Likmabam reception- Aug 18: Gallery
  • S Nilakanta / P Sushila [Aug 11] #2 : Gallery
  • S Nilakanta / P Sushila [Aug 11] #1 : Gallery
  • Mirabai felicitated truck drivers: Gallery
  • Saikhom Mirabai @Imphal #3: Gallery
  • Saikhom Mirabai @Imphal #2: Gallery
  • HSLC 2021 Result: Statistics Abstract
  • HSLC 2021 Result: 1st Division
  • HSLC 2021 Result: 2nd Division
  • HSLC 2021 Result: 3rd Division
  • HSLC 2021 : Pass % : Govt Schools
  • HSLC 2021 : Pass % : Private Schools
  • HSLC 2021 : Pass % : Aided Schools
  • Saikhom Mirabai @ Kakching: Gallery
  • Shanglakpam Nilakanta: Olympics #2: Gallery
  • Sushila Pukhrambam :: Olympics : Gallery
  • Saikhom Mirabai : Tokyo Olympics 2020
  • Pukhrambam Sushila : Tokyo Olympics Dream
  • Sushila Likmabam: Olympics Dream: Gallery