Inorder to accelerate the process of money transactions across the bank to make it covinient for the need of the people the Reserve Bank of India (RBI) on 6th April has come up with some most welcoming change in settlement time of National Electronic Fund Transfer (NEFT), an e-platform to make payments and transfer funds from one bank to other,which is mostly used almost every common man. As per the latest official announcement, the clearance of funds will now be accelerated for every 30 minutes. Earlier, it was set for 60 minutes.
So, it means, any payment or transfer made through NEFT recipient will be able to use within 30 minutes from the time of transaction. Till now, NEFT settlement happens once in 60 mins from 8AM to 7PM on weekdays (Monday to Friday) and 8AM to 1PM on Saturday. Since Sunday is a non-working, no NEFT payments can be done on that day.
Since the disbursal of money happens as a batch every hour, it was a total of 12 batches in a dayso far. With the new change, NEFT clearance will happen in 23 instances over a weekday. And on Saturday, the transactions will be settled in batches of 11. This move was preplanned and RBI worked hard to achieve this.It was listed by the central bank in one of its official document 'Vision-2018 for Payment and Settlement Systems.'
In the current scenario ATM are facing cash crunch and circulation of currency notes is very low, definitely, RBI's new decision will help wide-range of customers across the country.
