The Real-Time Gross Settlement (RTGS) services will continue to be operational as usual during this period
The National Electronic Fund Transfer (NEFT) service will not be available till 2 pm today. “A technical upgrade targeted to enhance the performance and resilience is scheduled after the close of business of May 22. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23,” said RBI in a statement.
Meanwhile, the Real Time Gross Settlement (RTGS) services will continue to be operational as usual during this period. A similar technical upgrade for RTGS was completed on April 18.
The central bank has asked member banks to inform their customers to plan their payment operations accordingly.
National Electronic Funds Transfer (NEFT) is a nationwide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
The RBI recently proposed to expand RTGS and NEFT facilities to non-bank payment system firms in a phased manner. The objective of the move is to encourage the participation of non-banks across payment systems.
RTGS facility is used for high-value fund transfers. NEFT is also a near-real-time fund transfer facility. NEFT currently operates in batches at half-hourly intervals throughout the day.
Besides funds transfer, the NEFT system is also used for a variety of transactions including the payment of credit card dues to the card-issuing banks, payment of loan EMI, and inward foreign exchange remittances, among others.
