The RBI has tweeted that on May 22, technical upgradation will take place after the operations in the banks are over. Because of this NEFT facility will not work from 00:01 am to 14:00 pm on 23 May.
If you conduct transactions in a digital way, then there is an important news for you. Actually, the Reserve Bank has said that NEFT i.e. National Electronic Fund Transfer Service will be closed for some time on 23 May. Let us tell you that money is transferred from one account to another through NEFT.
What the Reserve Bank said: RBI has tweeted and told that technical upgradation will happen on May 22 after the operations in the banks are over. Because of this NEFT facility will not work from 00:01 am to 14:00 pm (12 pm to 2 am on May 23). However, during this time the RTGS service will continue to function fully. This means that if you are transferring money through NEFT during this time, then the transaction will fail.
NEFT service will not be available from 00:01 hrs to 14:00 hrs on May 23, to enhance the performance and
resilience: Reserve Bank of India (RBI) pic.twitter.com/545C5TCWK2— ANI (@ANI) May 17, 2021
What is NEFT service: This is a service through which funds transfer facility is provided. Under this, customers can transfer money to banks that provide NEFT services. During this time there is also a slight charge, but the money is transferred in a short time.
Normally, the maximum limit of NEFT is Rs 10 lakh, but in corporate banking it can be up to crores as well. Most private or state-run banks in the country provide this facility.
You can transfer money through this facility at any time of the day or night. However, on May 23, after a few hours of trouble, once again money can be transferred smoothly. Let me tell you here that there are mainly three payment services of Reserve Bank. Apart from IMPS, RTGS, this service is also NEFT.
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