RBI cuts clearance time for NEFT transfers to make them faster
The Reserve Bank of India (RBI) has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience. It was announcement was made in line with the Vision-2018 for Payment and Settlement Systems. Now, the NEFT settlement cycle will be reduced from hourly batches to half hourly batches. Besides, 11 additional settlement batches will be introduced at 8.30 am onwards, taking the total number of half hourly settlement batches during the day to 23. This move will enhance the efficiency of the NEFT system and add to customer convenience.