RBI alerts people who use NEFT for money transfer

The Reserve Bank of India (RBI) has sent an alert on Monday to those who use the National Electronic Fund Transfer (NEFT) service for online money transfer. The RBI has said in this alert that NEFT service will not be available for 14 hours on May 23. The central bank has said in its statement that due to the NEFT system upgrade, this service will not be available. Due to the upgrade work, NEFT service will not be available from 12 pm to 2 pm on Sunday, May 23, 2021.

The bank said that on May 22, NEFT would be technically upgraded to improve the capacity of the NEFT system and further improve disaster recovery (disaster recovery) time. After NEFT’s technical upgrade, service performance will be better and security will be stronger. The bank said that NEFT service will not be available on 23 May, but RTGS service will remain available as before. RBI said that RTGS service will be available normally during this period. Earlier on April 18, 2021, RTGS has been upgraded. RBI has directed all its member banks to inform their customers for their payment operations plan accordingly.