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Now NEFT transfer to get faster

The Reserve Bank has decided to cut the clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience.

In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement cycle will be reduced from hourly batches to half hourly batches, the RBI said in the first bi-monthly monetary policy for 2017-18.

Consequently, 11 additional settlement batches will be introduced at 8.30 am onwards, taking the total number of half hourly settlement batches during the day to 23, this will enhance the efficiency of the NEFT system and add to customer convenience. RBI said in the press release.  The starting batch at 8.00 am and closing batch at 7.00 pm shall remain the same, as hitherto. The return discipline shall also remain the same, i.e., B+2 hours (settlement batch time plus two hours) as per the existing practice.

On promoting financial inclusion and literacy, it said the RBI is initiating a pilot project on financial literacy at the block level to explore innovative and participatory approaches to financial literacy.

The pilot project will be commissioned in nine states across 80 blocks by non-government organisations (NGOs) in collaboration with sponsor banks, it said.

The Centres for Financial Literacy (CFL) will be set up under a common name and logo, Money-wise Centre for Financial Literacy.

Posted on April 07, 2017   RELATED POSTS  POST A COMMENT  EMAIL STORY









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