News Karnataka
Friday, February 03 2023
Business

RBI to provide liquidity facility to make NEFT system 24×7

Photo Credit :

Mumbai: The Reserve Bank of India (RBI) has decided to provide an additional collateralised intra-day liquidity facility for the smooth operation of payment system National Electronic Funds Transfer (NEFT) on a round-the-clock basis from December 16, the central bank said.

The move will aid the payment system to become operational on a 24×7 basis.

The facility is used to electronically transfer funds from one account to another of banks which are members of this system.

“… In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24×7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS),” RBI said in a notification.

“The LS facility will be available for facilitating NEFT settlements on a 24×7 basis. The LS facility will operate as per the same terms and conditions as the Intra-Day Liquidity (IDL) facility,” the notification said.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

Rohan City Corp
Rohan City Corp

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp