Airtel Payments Bank announced that it has enabled the 24×7 NEFT (National Electronic Funds Transfer) transfers as per the new guidelines of the Reserve Bank of India (RBI). Now, the Airtel Payments Bank customers will be able to use the NEFT facility at any time of the day. Recently, the NEFT facility became available 24×7 enabling bank customers to make transactions on a round-the-clock basis (24×7).
As per the new guidelines, the NEFT transactions now also work every day of a calendar year including national holidays. The RBI in a notification to banks said that the NEFT system will work round-the-clock from December 16, 2019, enabling customers to use the facility 24×7. “We welcome the RBI mandate as it will allow our customers to easily transfer the money to any bank account at any time using NEFT mode,” Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank said.
Airtel Payments Bank offers a host of solutions to make digital payments and money transfers including the UPI (Unified Payments Interface), IMPS (Immediate Payment Service), debit card and wallet. Airtel Payments Bank Users can now use the NEFT facility to transfer funds round the clock like the case with UPI fund transfer on the app.
To use the features, users can head over to Airtel’s banking app or website and select the ‘Transfer money’ option. Under the ‘Transfer to bank’ option, users can see a screen to register the beneficiary. Once the beneficiary is registered, users can transfer the money via NEFT.
Earlier, the NEFT transactions were limited to different timings of the week depending on a Bank’s working hours and days. Users could only use the payment system from 8 am to 7 pm on weekdays and from 8 am to 1 pm on the first and third Saturdays of the month.