MUMBAI: If you planning an online money transfer using the banking system between Saturday midnight and Sunday, you are well advised to either cancel or postpone such transfers.
The Reserve Bank of India (RBI) on Monday said that due to NEFT system upgrade, this service will not be available from 00:01 hrs to 14:00 hours on Sunday, May 23, 2021.
This would mean 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.
It may be mentioned that 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.