Now, the 8.00am batch has become official. RBI in its Second Quarter Review of Monetary Policy 2012-13 has announced the launch of the NEFT 8.00am batch.
The main aim of the new batch is to decongest the build-up of transactions in the first batch on all days including Saturdays.
It has been observed that many customers including bulk upload customers prefer to queue up transactions after the NEFT cut-off time, so that the beneficiaries can receive the funds early next morning. This batch will benefit them.
With this, the number of NEFT batches will increase to 12 from the present 11.
In my view, this would also motivate customers to opt for NEFT over RTGS, as RTGS opens at 9.00am, and the early bird will experience the joy of quick ePayments via the 8.00am batch.
The new batch will also increase the window time, for retransmitting failed transactions.
The major challenge will be at the HR front, as now the Banks Ops team will have to be in office by 7.30am to ensure all is well.
- National Electronic Funds Transfer (NEFT) – Requirement of Indian Financial System Code (IFSC) in transactions (simplybanking.wordpress.com)
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