NEFT New Features from 01/March/2010 (01/03/2010) – Part 1

NEFT New Features from 01/March/2010 (01/03/2010) – Part 1

All the new features are good, and have their own advantages.

Today’s post deals with the increase in Operating Hours.

NEFT is currently available from 9 am to 5 pm on week days and from 9 am to 12 noon on Saturdays.

However, Reserve Bank of India, was constantly receiving requests to increase the operating hours.

Critics may argue that the 98% of India’s Bank branches close for public business by 4.30pm, and hence there is no need for increase in the NEFT operating hours.

Where do the NEFT Transactions Originate?

01) Bank Branches

02)                       Bank’s Internet Site

03)                       Bank’s Mobile Banking

04)                       Bank’s Bulk upload Centre.

05)                       Bank’s ATM’s eg: Corporation Bank

But, a sample survey will show, that only 20-25% of the NEFT transactions originate at branch level. The rest emanate from Net Banking, Bulk Uploads, Mobile Banking, i.e independent of the Branch Operations. Such a channel, obviously operate at 24X7.

Hence the request for, increase of the NEFT Operating Hours.

Present NEFT  Timings	New Neft Timings I.e from 01/03/2010
Weekdays	Weekdays
9.00 am to 5.00 pm	9.00 am to 7.00 pm
Saturdays	Saturdays
9.00 am to 12 noon	9.00 am to 1.00pm