RBI ALERT! No NEFT service for 14 hours on THIS DAY - Know reason

The National Electronic Funds Transfer (NEFT) services will not be operational for 14 hours on Sunday, 23 May, the Reserve Bank of India notified in a statement. The service would be unavailable due to a technical upgrade of NEFT. Due to this, the NEFT service will not be available from 00.01 hours to 14.00 hours on Sunday, 23 May. 

“A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of 22 May 2021. Accordingly, the NEFT service will not be available from 00:01 hours to 14:00hours on Sunday, 23 May,” RBI said.

See Zee Business Live TV Streaming Below:

NEFT is an electronic funds transfer system maintained by the RBI, which facilitates direct one-to-one payments across the country. However, the Real-Time Gross Settlement (RTGS) services will not be affected on 23 May due to this. "The RTGS system will continue to be operational as usual during this period. Similar technical upgrade for RTGS was completed on 18 April 2021,” the RBI said. 

On the other hand, RTGS is a financial transaction system, where there is a continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. RTGS transactions or transfers have no amount limitation. 

The central bank has asked member banks to inform their customers to plan their payment operations accordingly. Also, the NEFT members will continue to receive event update(s) through NEFT system broadcasts.