National Electronic Funds Transfer (NEFT) is a facility owned by RBI and is available round the clock on all days. This facility will not be available for 14 hours from midnight of 22nd May to 1400 hours on 23rd May.

RBI speaking about the non-availability of NEFT services stated that a technical upgradation is required to enhance the performance and resilience of the system. The RTGS system will continue to operate as usual.

RBI has also asked all banks to inform their customers accordingly so as to plan their payments. A similar technical upgrade was performed for RTGS (Real Time Gross Settlement) in April, 21.

NEFT is also used for payment of credit cards, EMI loans, inward foreign exchange remittances part from regular fund transfers.

(media reports)