NEFT transactions to be available 24×7 from 16 December: RBI

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Mumbai: The Reserve Bank of India on Friday announced it has decided to make the National Electronic Funds Transfer (NEFT) system available on all days of the year, including holidays from December 16.

“The system will be available on all days of the year, including holidays,” RBI said in a notification.

“NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks,” RBI added.

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