These transactions after the usual banking hours are set to be automated initiated using ‘Straight Through Processing (STP)’ modes by the banks. The existing discipline for crediting the beneficiary’s account or returning the transaction within 2 hours of settlement to the originating bank will also continue, the central bank said in a press statement.
“All provisions of NEFT procedural guidelines will be applicable for NEFT 24×7 transactions as well,” according to the RBI statement. “Member banks are also advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24×7 facility to their customers. Banks may disseminate information on the extended timings for NEFT to all their customers.”
The RBI had in August announced that all NEFT transfer facility would be made available 24×7 for customers by December. The first settlement would take place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).