NEW DELHI: The Reserve Bank of India (RBI) on Monday said that National Electronic Funds Transfer (NEFT) service would not be available for 14 hours on May 23 due "technical upgrade".
This would imply that during this period any money transfer involving NEFT system would not be available for use by bank customers. But, the RTGS system will continue to be operational as usual during this period.
Notably, a similar technical upgrade for RTGS was completed on April 18, 2021.
"A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021," an RBI communication to banks said.
The communication advised banks to inform their customers to plan their payment operations accordingly.
NEFT is a nationwide centralised payment system owned and operated by the RBI. The Reserve Bank made NEFT available on a 24x7 basis from December 16, 2019.
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