NEFT System – RRBs

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer, from any bank branch to an account with any other bank branch in the country participating in the NEFT network, either on the same day or the next working day. Even individuals who do not have a bank account (‘walk-in-customers’) can deposit cash, up to a certain limit, at the NEFT-enabled branches with instructions to transfer funds using NEFT.

Though RRBs are a part of the NEFT network through their sponsor banks it appears that there is a lack of awareness of the availability of the NEFT facility, with RRBs, in particular for ‘walk-in-customers’ to remit funds, both among the staff of the branches and public in general.

To view the full text of the circular, please follow the link

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