The fund transfers in the NEFT system aresettled in 23 half-hourly batchesThe National Electronic Funds Transfer (NEFT) system will not be offered from 12 am to 2 pm on May 23 i.e.
Sunday, so as to enhance the performance and durability, the Reserve Bank of India stated in a tweet today.
The system will be restored at 2 pm.The real-time gross settlement (RTGS) system will remain operational throughout this period.National Electronic Funds Transfer (NEFT) is a system of electronic transfer of funds from one bank to another.
Under NEFT, individuals electronically move cash from a bank branch to those holding an account in any other bank branch.
These fund transfers do not take place on a real-time basis, but are settled in 23 half-hourly batches.On the other hand, real-time gross settlement (RTGS), as the name suggests, suggests that the funds are moved immediately.