The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers. 

The RBI will make available the NEFT system on a 24×7 basis from December 2019, RBI Governor Shaktikanta Das said.

Currently, the 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 except the 2nd and 4th Saturdays of the month.

RBI Governor said that the RBI has also decided to create a central payment fraud information registry system to deal banking frauds adding that the details of the same will be shared later.

The RBI Governor further said in order to leverage the advantages of the Bharat Bill Payment System and harness its full potential, it has been decided to permit all categories of billers (except prepaid recharges) who provide for recurring bill payments to participate in BBPS on a voluntary basis. 

The BBPS, an interoperable platform for repetitive bill payments, currently covers five segments that are direct-to-home, electricity, gas, telecom and water bills.