The Reserve Bank of India (RBI) said on Monday that the National Electronic Funds Transfer (NEFT) service will not be available for 14 hours on May 23 due to “technical upgrades”. This would mean that during this period, no money transfer related to the NEFT system would be available for use by bank customers.
However, the RTGS system will continue to operate as usual during this period. Notably, a similar technical upgrade for RTGS was completed on 18 April 2021. “A technical upgrade of NEFT, targeted to increase performance and flexibility, is scheduled after the close of business on May 22, 2021.
“RBI Communications to Banks said Communication advised banks to inform their customers to plan their payment operations accordingly. NEFT is a nationwide centralized payment system owned and operated by the Reserve Bank of India. The Reserve Bank made NEFT available on 24×7 basis from December 16, 2019.
News Source: IndiaTvNews
