Many people might have blessed RBI after this announcement.
What’s the announcement and how is it useful?
Read and find out in today’s Smart Mornings
Who says, “Nothing is Impossible”? Try making an NEFT after usual banking hours or on a Sunday. You’ll feel helpless like anything. Whether you’re the richest person around or a poor fellow, it’s just impossible.
Here’s the other side of it. Urgency or exigency do not follow systems. They knock your door arbitrarily and give you a surprise. In that case, if you require to transfer
or receive lakhs of rupees, you’ll be stuck. Reason - National Electronic Fund Transfer (NEFT). But, it’s going to be changed from the 16th of December.
Round the Clock!
Reserve Bank of India (RBI) has announced that bank customers will be able to perform NEFT transactions 24 x 7 from 16th of this month. This is important because till now, these transactions were possible only on working days (excluding 2nd and 4th Saturday) from 8 AM to 7 PM.
It is usually said that destiny plays an important role in what you get, so you won’t get more than what’s destined and also, you won’t get before the destined time. We’re not sure about other things but, this is so true for banking services! You see,
banks decide the limitations for us and we just can not overcome them.
What Continues?
There’s a current discipline that within 2 hours of transaction, either the beneficiary’s account is credited, or the transaction is returned. This will continue as it is.
Besides this, RBI had decided earlier this year not to levy any charges on NEFT or Real Time Gross Settlement (RTGS) to promote digital transactions. This will go on as it is.
What Could be Expected?
RBI has asked the partner banks to develop infrastructure and ensure that transactions could be carried out smoothly. But, it’s completely upon the institutions to follow. Although, in a broader way it can be said that people will get benefited and exigencies could be tackled in a better way. The actual benefits will only be visible with time though.
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