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NEFT transfer to get quicker as RBI cuts clearance time

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The Reserve Bank of India (RBI) has decided to slash clearance time for National Electronic Funds Transfers (NEFT), in an attempt to enhance efficiency of the electronic payments system and add to customer convenience.
In line with the document on Vision 2018 for Payment and Settlement Systems, the NEFT settlement cycle will be reduced from hourly batches to halfhourly batches, the RBI said in the first bimonthly monetary policy for 2017- 18. “Consequently, 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,” newlyappointed Deputy GovernorBPKanungo said. This will enhance the efficiency of the NEFT system and add to customer convenience, he said. On promoting financial inclusion and literacy, it said the RBI is initiatingapilot project on financial literacy at the block level to explore innovative and participatory approaches to financial literacy.
The Business Standard New Delhi, 07th April 2017

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