The Reserve Bank of India(RBI) has announced that the National Electronic Funds Transfer(NEFT) systems would be available on a 24×7 basis from December 2019.
At present,the NEFT payment system operated by the Reserve Bank of India is available to customers from 8am to 7pm on all working days with the exception of second and fourth Saturdays of the month.
In order to harness the full potential of Biller Categories for Bharat Bill Payment System (BBPS),RBI has decided to permit all categories of billers (except prepaid recharges) who provide for recurring bill payments to participate in BBPS on a voluntary basis.
The BBPS is an interoperable platform for repetitive bill payments.It currently covers five segments that are direct-to-home, electricity, gas, telecom and water bills.
NEFT is a payment system which facilitates one-to-one funds transfer from one financial institution to another.
Using NEFT,individuals,firms and corporates can electronically transfer funds from any bank branch to any individual,firm or corporate having an account with any other bank branch in the country participating in the system.Under NEFT the settlement takes place in batches rather than individually.The batches are settled in hourly time slots.
The NEFT platform is primarily aimed for small value transactions.At one transaction the maximum value should be Rs 50,000.