24x7 Neft transfer from Dec ember to boost digital play
5 years, 5 months ago

24x7 Neft transfer from Dec ember to boost digital play

Live Mint  

New Delhi: Taking a series of steps to boost the adoption of digital payments, RBI on Wednesday said the National Electronic Funds Transfer facility will be available 24x7, the scope of utility bill payments will be expanded, and more players will be encouraged in the retail payment space. “Apart from digitization of cash-based bill payments, these segments would also benefit from the standardized bill payment experience for customers, centralized customer grievance redressal mechanism, prescribed customer convenience fee and the like,” it said. It has decided to extend ‘on-tap’ facility to three retail payments systems—Bharat Bill Payment Operating Unit, Trade Receivables Discounting System and White Label ATMs or non-banking entities that have a licence to open ATMs. “In order to benefit from diversification of risk and also to encourage innovation and competition, it has been decided to offer ‘on tap’ authorisation to entities desirous to function/operate/provide platforms for-Bharat Bill Payment Operating Unit, Trade Receivables Discounting System and White Label ATMs,” RBI said.

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History of this topic

What is NEFT: Its meaning, objective, advantages and work
2 years, 9 months ago

What is NEFT: Its meaning, objective, advantages and work

India Today  

National Electronic Funds Transfer is an acronym for National Electronic Funds Transfer. The Reserve Bank of India created and manages the NEFT electronic funds transfer system, which was launched in November 2005. NEFT allows you to transfer money from one NEFT-enabled bank account to another via the internet. A person without a bank account can send money to a beneficiary …

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000
4 years, 1 month ago

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000

Live Mint  

MUMBAI: Customers will soon be able to transfer funds through real-time gross settlement will be available round-the-clock in the next few days, Reserve Bank of India governor Shaktikanta Das said on Friday. Real time means the processing of instructions at the time they are received and gross settlement implies that settlement of funds transfer instructions occurs individually. RBI had allowed …

NEFT or IMPS for fund transfer: A comparison to help you make the right choice
5 years ago

NEFT or IMPS for fund transfer: A comparison to help you make the right choice

India TV News  

Fund transfer is one of the most important processes which keeps a business running. Though there are several ways available through which such transactions can be made, however, two ways out of the existing ones which include — NEFT and IMPS are among the most used methods for transferring funds. Though all these three ways are among most used by …

Paytm becomes only app offering NEFT transactions 24/7
5 years ago

Paytm becomes only app offering NEFT transactions 24/7

India TV News  

With the Reserve Bank of India making online NEFT transfers 24/7 on all days including weekends and holidays from Monday, India's digital payment leader Paytm has become the only payments app offering three ways to pay 24x7 seamlessly, within the same "Money Transfer" flow via UPI, IMPS and now NEFT mode. Millions of users can pay up to Rs 10 …

NEFT money transfer available 24x7 from today. Check new charges, timing and all other details
5 years ago

NEFT money transfer available 24x7 from today. Check new charges, timing and all other details

India TV News  

NEFT is a handy way to speedily transfer money and there's good news for NEFT users as they can now use the facility 24x7. New NEFT Timings: Settlement of NEFT money transfers will now take place every half hour. Settlement of the first batch will take place at 12:30 am on a particular day while the last batch of NEFT …

NEFT transfer available 24x7 from today. Check new timings, limit and charges
5 years ago

NEFT transfer available 24x7 from today. Check new timings, limit and charges

Live Mint  

You do not have to look at your watch or calendar while transferring money online from today as the Reserve Bank of India has allowed National Electronic Funds Transfer facility available for 24 hours a day and 365 days a year. The RBI has decided to make NEFT money transfer facility available not just for 24 hours a day but …

NEFT Online Transactions Available 24x7: 5 Things You Must Know
5 years, 1 month ago

NEFT Online Transactions Available 24x7: 5 Things You Must Know

India TV News  

NEFT transactions will now be available 24x7. In a bid to promote digital transactions, Reserve Bank of India has made transactions possible under the National Electronics Funds Transfer system on all days of the year, including holidays. NEFT Online Transactions Available 24x7: 5 Things You Must Know NEFT transactions are settled in hourly batches. Now, the NEFT online transactions have …

RBI announces slew of measures to push digital payments in India
5 years, 2 months ago

RBI announces slew of measures to push digital payments in India

Live Mint  

The Reserve Bank of India on Friday announced fresh steps to push digital payments in India, including removing charges on online fund transfer system National Electronic Funds Transfer, introducing interoperable system such that FASTags can be used to pay parking fees, fuel, among other measures. The banking regulator mandated banks not to charge savings bank account customers for online transactions …

No charges on NEFT online money transfer from January
5 years, 2 months ago

No charges on NEFT online money transfer from January

Live Mint  

To promote digital transactions, the RBI has asked banks not to charge savings bank account customers for online transactions in the NEFT or National Electronic Funds Transfer system with effect from January 2020. During the same period, the National Electronic Funds Transfer and Unified Payments Interface systems handled 252 crore and 874 crore transactions with year on year growth of …

NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation
5 years, 5 months ago

NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation

Firstpost  

The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions Mumbai: The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions. Currently, the National Electronic Funds Transfer operated by the RBI as a retail payment system is available …

Fund transfer via RTGS, NEFT set to get cheaper from Monday
5 years, 6 months ago

Fund transfer via RTGS, NEFT set to get cheaper from Monday

India TV News  

Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the Reserve Bank of India decided it will not impose any charges on such transactions. After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India had also asked banks to pass …

Fund transfers via RTGS, NEFT to cost less from July 1
5 years, 6 months ago

Fund transfers via RTGS, NEFT to cost less from July 1

India TV News  

The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day. In order to provide an impetus to digital funds movement, the central bank further said it has been decided that with effect …

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers
5 years, 7 months ago

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers

Firstpost  

Mumbai: The Reserve Bank of India on Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers. Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for …

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