The fund transfers in the NEFT system aresettled in 23 half-hourly batchesThe National Electronic Funds Transfer (NEFT) system will not be available from 12 am to 2 pm on May 23 so as “to enhance the performance and resilience,” the Reserve Bank of India said in a tweet this morning. The system will be restored at 2 pm.NEFT service will not be available from 00:01 hrs to 14:00 hrs on May 23, to enhance the performance andresilience: Reserve Bank of India (RBI) pic.twitter.com/545C5TCWK2— ANI (@ANI) May 17, 2021National Electronic Funds Transfer (NEFT) is a system of electronic transfer of funds from one bank to another. Under NEFT, people can electronically transfer money from any bank branch to those holding an account in any other bank branch. The fund transfers in the NEFT system do not occur on a real-time basis, but are settled in 23 half-hourly batches.
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