NEFT RTGS Change Rules
In 2020, the Reserve Bank of India (RBI) announced some major changes to the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) payment systems in India. These changes were implemented to make the payment systems more efficient and secure, and to encourage digital transactions.
One of the key changes was the extension of NEFT and RTGS availability hours. Now, customers can transfer funds through NEFT 24x7, which means they can initiate and receive transactions any time of the day or night. Similarly, RTGS timings have been extended to 24x7 from 14 hours on weekdays and 6.5 hours on Saturdays.
Another significant change is the reduction in transaction charges for NEFT and RTGS transactions. The RBI has completely done away with processing charges for NEFT and has also reduced the charges for RTGS transactions.
To enhance security, the RBI has also made it mandatory for banks to incorporate additional security features in their payment systems, such as multi-factor authentication, and to put in place adequate fraud prevention measures.
These changes have had a positive impact on the payment ecosystem in India, making it easier and more affordable for customers to make digital transactions. The extension of NEFT and RTGS hours, the reduction in transaction charges, and the focus on security are all steps in the right direction, and will help to drive India's journey towards a more digital and cashless economy.
One of the key changes was the extension of NEFT and RTGS availability hours. Now, customers can transfer funds through NEFT 24x7, which means they can initiate and receive transactions any time of the day or night. Similarly, RTGS timings have been extended to 24x7 from 14 hours on weekdays and 6.5 hours on Saturdays.
Another significant change is the reduction in transaction charges for NEFT and RTGS transactions. The RBI has completely done away with processing charges for NEFT and has also reduced the charges for RTGS transactions.
To enhance security, the RBI has also made it mandatory for banks to incorporate additional security features in their payment systems, such as multi-factor authentication, and to put in place adequate fraud prevention measures.
These changes have had a positive impact on the payment ecosystem in India, making it easier and more affordable for customers to make digital transactions. The extension of NEFT and RTGS hours, the reduction in transaction charges, and the focus on security are all steps in the right direction, and will help to drive India's journey towards a more digital and cashless economy.
