The Reserve bank of India has allowed the National Electronic Funds Transfer (NEFT) facility o be available 24 hours a day throughout the year, including holidays. This means a bank account holder can now transfer any value of money online anytime. Prior to this NEFT facility was available from 8 am to 6.30 pm and the amount that can be transferred was capped at Rs 2 lakh. The NEFT facility would be available round the clock starting 12 am on Monday, the RBI said in a tweet. “This ensures the availability of anytime electronic funds transfer,” it said. RBI said India has not in the elite club of countries having payment systems which enable round the clock funds transfer and settlement of any value. Over 11.4 lakh money transactions were successfully completed using the NEFT medium between 12 am and 8 am on the starting day.
