Why is NEFT not working today? Banking customers report issues on Twitter

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:

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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.

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