RBI to provide service to make National Electronic Funds Transfer 24×7

RBI, Govt Of India, 1.76 Lakh Crore, NewsMobile, NewsMobile India

Reserve Bank of India has decided to provide a liquidity facility for smooth operation of National Electronic Funds Transfer (NEFT) payment system on a round-the-clock basis from December 16, the central bank said.

This will enable the payment system to become operational on a 24×7 basis.

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” In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24×7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS),” RBI said in a notification.

The notification added “The LS facility will be available for facilitating NEFT settlements on 24×7 basis. The LS facility will operate as per the same terms and conditions as the Intra-Day Liquidity (IDL) facility.”

(With ANI Inputs)

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