Banks worry about disorganization following a 24-hour NEFT concession

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New Delhi, December 19, 2019, Thursday

Bankers have expressed concern over the Reserve Bank's decision to allow the transfer of money through National Electronic Funds Transfer (NEFT) transactions for 24 hours, saying that this will create confusion.

According to a letter written by the Indian Bank Association to the Reserve Bank, the exemption of twenty-four hours will increase the risk.

These discounted banks, which have no limits on transactions, are likely to suffer huge falls when closed.

NEFT is a system of transferring money from one bank account to another within the country. However, it is not necessary to have two banks in common. This will make it difficult to maintain cash balance, ie cash reserve ratio, after 7pm, especially when a large amount of transfer will occur when banks are closed, ”said a banker.

However, NEFT is commonly used by retail customers in which huge outflows are rarely seen, said another banker.


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