After 24×7 NEFT transfers for banks, Airtel has also considered Reserve Bank of India’s guidelines for its Airtel Payments Bank. Now, customers using Airtel Payments Bank will also be able use the NEFT facility at any time of the day. The facility will be available to customers on 24×7 including National Holidays.
“We are committed to provide customers with an efficient and smooth banking experience. We welcome the RBI mandate as it will allow our customers to easily transfer the money to any bank account at any time using NEFT mode. This will add to the overall online banking experience for the customers,” said Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank.
Airtel Payments Bank offers a host of solutions like UPI, IMPS, debit card and wallet to make digital payments and money transfers. Now while using the banking section of Airtel Thanks app or on website, these customers will be required to select ‘Transfer Money’ option followed by ‘transfer to Bank’. A screen to register beneficiary will appear. Once the beneficiary registration process is completed, customer can easily transfer the money via NEFT just like IMPS.
Recently, NEFT system got available 24×7 from for everyone. Starting December 16, all the banking customers are now equipped with NEFT services on round-the-clock basis (24×7). Earlier this month, the RBI in a notification to banks said that the NEFT system will work round-the-clock from December 16. The first settlement took place after 00:30 hours on December 16, 2019 (night of December 15, 2019).
Earlier, the NEFT transactions were limited to different timing of the week, depending upon Bank working days and hours. These hours in weekdays were from 8:00 AM to 7:00 PM. Additionally, on Bank working days of first and third Saturdays of the month, the NEFT timings were different – from 8:00 AM to 1:00 PM.―BGR