The National Electronic Funds Transfer (NEFT) facility will be unavailable for at least 14 hours on Monday, Sunday May 23, according to the Reserve Bank of India (RBI).
The RBI announced in a notification that the service would be interrupted on Sunday from 00:01 a.m. to 2:00 p.m. due to the NEFT system upgrade.
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“A technical upgrade of NEFT to improve performance and resilience is planned after close of business on May 22, 2021. Accordingly, NEFT service will not be available on Sunday, May, from 00:01 am to 2:00 pm 23, 2021” said RBI.
The RTGS system remains operational as usual during this time. The bank also said a similar tech upgrade for RTGS was completed on April 18, 2021.
NEFT system upgrade – downtime from 12:01 a.m. to 2:00 p.m. on Sunday, May 23, 2021https: //t.co/i3ioh6r7AY
– ReserveBankOfIndia (@RBI) May 17, 2021
The RBI has also asked the member banks to inform their customers about this so that they can plan their payment transactions accordingly.
“Member banks can inform their customers to plan their payment transactions accordingly,” said the banking regulator.
It added that “NEFT members will continue to receive event updates via NEFT system broadcasts.”
NEFT is an electronic money transfer system that was launched in November 2005 and is managed by RBI. With the NEFT-Bank, customers can transfer money between any two NEFT-enabled bank accounts one-to-one via electronic messages.
However, customers must note that money transfers via the NEFT system are not real-time. There is also no minimum or maximum limit on the amount of funds that can be transferred using NEFT.
