As the Reserve Bank of India decides to provide a liquidity facility for the smooth operation of National Electronic Funds Transfer (NEFT) payment system on a round-the-clock basis from Monday, India’s digital payment leader Paytm has become the only payments app giving three ways to pay 24×7 which include UPI, IMPS and now NEFT mode.
Now, users are allowed to pay up to ₹10 lakh per transaction instantly from their Paytm account using National Electronic Funds Transfer (NEFT) powered by Paytm Payments Bank, the company said.
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Businesses and corporations who hold Paytm Payments Bank current account can now pay up to ₹50 lakh per transaction on a round-the-clock basis. Till December 16, Immediate Payment Service (IMPS) was allowed 24×7 fund transfers but had a cap of ₹2 lakh.
“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 had earlier said.
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.”
It is now the only app offering more than 200 payment use-cases for everyday payment needs.
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