NEFT services will not be available from midnight to 14hrs on 23rd May for technical upgradation : RBI

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Mumbai: The Reserve Bank of India on Monday said that the National Electronic Fund Transfer (NEFT) services will not be available from midnight (00.01 hrs) to 14.00 hrs on Sunday, May 23 due to a scheduled technical upgradation which is scheduled to enhance the performance and resilience of the NEFT system.

“A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021. The RTGS system will continue to be operational as usual during this period” said RBI.

“Similar technical upgrade for RTGS was completed on April 18, 2021.  Member banks may inform their customers to plan their payment operations accordingly.  NEFT Members will continue to receive event update(s) through NEFT system broadcasts” RBI added.

The NEFT service was made 24-hours throughout the year from 16th of December 2020. NEFT is an electronic funds transfer system maintained by the RBI.  The setup was established and maintained by Institute for Development and Research in Banking Technology (IDRBT). NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages.

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