Big alert for online banking! NEFT transfers not to be operational on Sunday

New Delhi: The Reserve Bank of India (RBI) on Monday said that due to NEFT system upgrade, this service will not be available from 00:01 hrs to 14:00 hours on Sunday, May 23, 2021.

"A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021. The RTGS system will continue to be operational as usual during this period. Similar technical upgrade for RTGS was completed on April 18, 2021," an RBI statement said.

Member banks may inform their customers to plan their payment operations accordingly. NEFT Members will continue to receive event update(s) through NEFT system broadcasts, RBI added.

This mean that although NEFT system would not be available for bank customers during the above mentioned time, RTGS system will continue to be operational as usual during this period.

It may be recalled that a similar technical upgrade for RTGS was completed on April 18, 2021.

What is NEFT?

NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

What is RTGS?

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

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