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NEFT to be available 24X7

The Reserve Bank of India has announced that the National Electronic Funds Transfer (NEFT) facility will be available round-the-clock basis from December 2019. At present NEFT payment system operated by the Reserve Bank as a retail payment system is available for customers from 8 AM to 7 PM on all working days of the week ..

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Financial Inclusion: New operational guidelines on Financial Inclusion

The new RBI guidelines on Financial Inclusion have shifted the onus from “‘one district-many banks” to “‘one district-many banks-one leader bank“. The new operational guidelines are for the implementation of a transfer system (Electronic Benefit Transfer) for servicing low-value accounts and extending banking infrastructure to under-served low income areas. Here are a few notes: What ..

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