The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) Friday said that the online money transfer through National Electronic Funds Transfer (NEFT) will be available 24x7 from now onwards.

Presently, the facility is available till 7:45 pm on all working days except 2nd and 4th Saturdays of the month.

"In order to facilitate smooth settlement of these transactions in the accounts of the banks maintained with RBI, it has been decided that the Reserve Bank will extend the collateralised liquidity support, which is currently available till 7.45 pm on NEFT working days, round the clock," the RBI announced in its Monetary Policy Review meet.

The apex bank also said that round-the-clock NEFT facility will strengthen the fund management system of banks. The move is likely to reform the retail payments system in India. #casansaar (Source - PTI, BusinessToday, RBI)