RBI to introduce new batches for settlement of payments through the National Electronic Funds Transfer (NEFT)

Posted on:10 May 2017 10:33:15
RBI to introduce new batches for settlement of payments through the National Electronic Funds Transfer (NEFT)
10 May 2017 Current Affairs:

  • The Reserve Bank of India (RBI) will introduce new batches for settlement of payments through the National Electronic Funds Transfer (NEFT) from 10 July to ensure better service for customers.

  • The additional 11 settlement batches at half-hourly intervals will be introduced from 10 July, beginning from 8.30 am to 6.30 pm.

  • With this, the total number of half hourly settlement batches during the day will increase to 23.

  • NEFT is a widely used payment system regulated by Reserve Bank of India that allows inter - bank transfer of funds.


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