06 Apr 2017

NEFT transactions will now be settled every 30 minutes

National Electronic Funds Transfer aka NEFT has been one of the most popular mechanisms in India for funds transfer since its inception in 2005. The system allows for transfer of funds from one bank account to other electronically. Until now, these transfers of funds were done in hourly batches, from 8 AM till 6:30 PM from Monday to Saturday. However, the Reserve Bank of India has now allowed for 30 minute settlements.

Small change, but very welcome. What say?

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