NEFT service won’t be available on May 23: RBI

The RBI recently proposed to expand RTGS and NEFT facilities to non-bank payment system firms in a phased manner

The National Electronic Fund Transfer (NEFT) service will not be available for 14 hours on May 23, the Reserve Bank of India (RBI) said on Monday.

“A technical upgrade targeted to enhance the performance and resilience is scheduled after the close of business of May 22. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23,” said RBI in a statement. Meanwhile, the Real Time Gross Settlement (RTGS) services will continue to be operational as usual during this period. A similar technical upgrade for RTGS was completed on April 18.

The central bank has asked member banks to inform their customers to plan their payment operations accordingly. Also, NEFT members will continue to receive event updates through National Electronic Fund Transfer system broadcasts.

The RBI recently proposed to expand RTGS and National Electronic Fund Transfer facilities to non-bank payment system firms in a phased manner. The objective of the move is to encourage the participation of non-banks across payment systems.

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