The National Electronic Funds Transfer (NEFT) system will not be available from 12 am to 2 pm on May 23 i.e. Sunday, so as “to enhance the performance and resilience,” the Reserve Bank of India said in a tweet this morning. The system will be restored at 2 pm.
The real-time gross settlement (RTGS) system will remain operational during this period.
EFT service will not be available from 00:01 hrs to 14:00 hrs on May 23, to enhance the performance and
resilience: Reserve Bank of India (RBI) pic.twitter.com/545C5TCWK2
— ANI (@ANI) May 17, 2021
National Electronic Funds Transfer (NEFT) is a system of electronic transfer of funds from one bank to another. Under NEFT, people electronically transfer money from a bank branch to those holding an account in any other bank branch. These fund transfers do not occur on a real-time basis, but are settled in 23 half-hourly batches.
On the other hand, real-time gross settlement (RTGS), as the name suggests, means that the funds are transferred instantaneously.