The fund transfers within the NEFT system aresettled in 23 half-hourly batches
The National Electronic Funds Transfer (NEFT) system is not going to be accessible from 12 am to 2 pm on May 23 i.e. Sunday, in order “to enhance the performance and resilience,” the Reserve Bank of India mentioned in a tweet this morning. The system might be restored at 2 pm.
The real-time gross settlement (RTGS) system will stay operational throughout this era.
EFT service is not going to be accessible from 00:01 hrs to 14:00 hrs on May 23, to boost the efficiency and
resilience: Reserve Bank of India (RBI) May 17, 2021
National Electronic Funds Transfer (NEFT) is a system of digital switch of funds from one financial institution to a different. Under NEFT, folks electronically switch cash from a financial institution department to these holding an account in some other financial institution department. These fund transfers don’t happen on a real-time foundation, however are settled in 23 half-hourly batches.
On the opposite hand, real-time gross settlement (RTGS), because the identify suggests, implies that the funds are transferred instantaneously.
