Published 13:53 IST, April 1st 2020
Why is NEFT not working today? Banking customers report issues on Twitter
Many banking customers have been complaining on social media that they're unable to make NEFT transactions. Is NEFT not working today? Read on for details.
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NEFT (National Electronic Fund Transfer) is one of the most popular ways of transferring money online. It is a fund transfer mechanism which allows customers to transfer funds from one bank to another. However, there have been a number of banking users who have been taking to Twitter since morning to raise the issue of not being able to complete NEFT transactions. The issue seemingly still persists as users have continued to flood social media with their concerns as they seek a solution to the problem. Check out a few recent tweets:
@ICICIBank_Care Not able to make NEFT payment today. When did NEFT rules change back to Bank working hours only? or is it 366th day today? pic.twitter.com/I9vyGMQPoK
— Devdatta (@dgjlt) April 1, 2020
@ICICIBank_Care @ICICIBank @RBI May i know why ICICI bank is not working today . I wanted to do some online transaction and it's showing NEFT facility not working in ICICI bank . Can some one look into it and provide ETA for resolution .
— varun gupta (@kumarvarun27) April 1, 2020
@RBI ICICI Bank says NEFT not working. I was forced to use IMPS and Rs 5.90 was charged for the same. Please confirm if NEFT has been banned by RBI. pic.twitter.com/Auy0GQrLZK
— jonathan (@jonathan162017) April 1, 2020
@TheOfficialSBI Are you IMPS & NEFT transactions not working. I have tried several times this morning. Calls out a transaction failure. Please suggest?
— Bharat Sen Gupta (@bharatsg) April 1, 2020
Why is NEFT not working today?
Looking at the above reports, it appears that the issues have been faced mostly by ICICI banking customers. According to one of the tweets, the bank returns an error stating that the NEFT/RTGS facility is unavailable during non-banking hours, where it prompts users to use IMPS to complete the transactions. It is not known if this is a temporary issue, or there has actually been a change in timings to carry out these transactions. Also, there hasn't been any clarification from the bank surrounding the issue or what could be causing the problem.
NEFT timings
NEFT is a nationwide electronic payment system where the fund transfers take place on a half-hourly basis. The RBI had recently made the National Electronic Funds Transfer facility available for 24 hours and throughout the entire year. The fund transfer takes place on a half-hourly basis which functions from 12:30 AM to 12:00 PM. Therefore, NEFT is now operational in India regardless of holidays.
13:53 IST, April 1st 2020