NEFT to remain unavailable for 14-hr on May 23: RBI

The NEFT will remain unavailable from midnight to 2 pm on Sunday. The Reserve Bank of India has taken this decision due to a technical upgrade scheduled after the close of business on Saturday.

Mumbai: The National Electronic Funds Transfer (NEFT) system will remain unavailable from midnight to 2 pm on Sunday.

The Reserve Bank of India (RBI) has taken this decision due to a technical upgrade scheduled after the close of business on Saturday.

“A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021,” the RBI said in a statement today.

However, the Real-time gross settlement (RTGS) fund transfer system will continue to be operational as usual during this period, noted the statement.

A similar technical upgrade for the RTGS was completed last April.

While fund transfers through NEFT takes place in hourly batches, RTGS transfers funds on a real-time basis.

The RTGS facility was made available round-the-clock on all days from December 14 last year, making India one of the few countries to operate the system 24x7.