New Delhi | Jagran Business Desk: National Electronic Funds Transfer (NEFT) service will remain unavailable from Saturday midnight for fourteen hours. Reserve Bank of India (RBI) has cited ‘system upgrade’ for the payment system’s unavailability this Sunday. “NEFT System Upgrade – Downtime from 00.01 Hrs to 14.00 Hrs. on Sunday, May 23, 2021,” Reserve Bank of India said in a tweet.

In its detailed statement, the Reserve Bank of India said that the technical upgrade has been targeted ‘to enhance the performance and resilience’ of the payment system. Meanwhile, the RTGS (Real Time Gross Settlement) payment service will remain available.

"Member banks may inform their customers to plan their payment operations accordingly. NEFT Members will continue to receive event update(s) through NEFT system broadcasts," added the RBI statement.

Previously, RBI had made a similar technical upgrade on April 18, 2021, to RTGS (Real Time Gross Settlement). Following RBI’s announcement of the NEFT upgrade, the country’s largest public-sector bank – State Bank of India – informed its customers that NEFT service on State Bank of India’s interface will remain unavailable from Sunday 12:00 AM to 2:00 PM.

“NEFT Service on Internet Banking/YONO/YONO Lite will not be available between 00.01 hrs and 14.00 hrs on Sunday 23-May-2021. RTGS services will be available as usual,” the State Bank of India said in a tweet.

NEFT service, used to transfer funds from one bank branch to another, usually remains available for all 7 days of the week. Different banks have specified different limits at which the NEFT transfer can start. However, there is no limit as for the amount that can be transferred.

NEFT service was started in November 2005 by the Reserve Bank of India. The system is monitored by the Hyderabad-based Institute for Development and Research in Banking Technology where the process of a technical upgrade will take place on Sunday.

Posted By: Talibuddin Khan