Business
NEFT will not be available on May 23 for 14 hours, RBI explains why
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Reserve Bank of India issued a notice to its customers, saying that NEFT services will be unavailable to people on May 23, Sunday. So, if you plan on making a transaction on that day, do it a day prior to or a day after 23rd May.
The service that will not work is NEFT (National Electronic Fund Transfer). As per the RBI, NEFT will remain closed from 12 AM till 2 PM on May 23. Therefore, it is better to complete all the digital transactions by Saturday, May 22.
The reason behind the inaccessibility is a technical upgrade that will go down that day, taking about 14 hours. After the upgrade is complete, customers will get to experience this service in a better way.
RBI also told the member banks to inform their customers about this technical upgrade so that they can plan accordingly. Also, it says that RTGS service will function as normal and won’t be affected on May 23.
NEFT is a well-known and widely used service these days. It is a safe and simple way to transfer funds from one bank account to another. It is a quick service that allows you to transfer funds within minutes. There is neither a need to go to the bank, nor a worry of transferring big amount because there is no maximum limit.
NEFT is also available 24 hours a day. Because of this, a constant upgradation is done to provide better services to the users. Earlier, on April 18th, RTGS service was stopped for a few hours and now NEFT will remain inaccessible for 14 hours.
