The six-member Monetary Policy Committee (MPC) of the RBI has said that the online money transfer through National Electronic Funds Transfer ( NEFT ) will be available 24×7 from last friday onwards.
Presently, the facility is available till 7:45 pm on all working days except 2nd and 4th Saturdays of the month.
In a Statement issued by RBI has said that, “On payment and settlement systems, several measures have been announced. First, collateralised liquidity support, which is currently available till 7.45 pm, will now be available round the clock on all NEFT working days in order to facilitate smooth settlement of National Electronic Funds Transfer on 24×7 basis for members of public from December, 2019”.
“The RBI also said that, “in order to strengthen the grievance redressal mechanism for customer complaints, it has been decided to institutionalise an internal ombudsman scheme at the large non-bank pre-paid payment instruments (PPI) issuers (entities who have more than 10 million pre-paid payment instruments outstanding)”.
“Third, in order to increase digitisation in Tier III to Tier VI centres through wider acceptance infrastructure, and as indicated in the Payment System Vision Document 2021 of RBI and also recommended by the Committee on Deepening of Digital Payments (Chairperson: Shri Nandan Nilekani), it has been decided to create an Acceptance Development Fund (ADF)”, the RBI also added.
