Airtel Payments Bank has enabled 24×7 NEFT transfers in line with the Reserve Bank of India’s (RBI) guidelines, company announced on Thursday.
The RBI earlier this month said Airtel Bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16. After the usual banking hours, these transactions are set to be automated initiated using ‘Straight Through Processing (STP)’ modes by the banks.
Customers to Airtel Payments Bank customers can transfer funds via NEFT using the banking section of the Airtel Thanks app or the bank’s website by using the ‘Transfer Money’ option followed by ‘transfer to Bank’.
“We are committed to provide customers with an efficient and smooth banking experience. We welcome the RBI mandate as it will allow our customers to easily transfer the money to any bank account at any time using NEFT mode. This will add to the overall online banking experience for the customers,” said the Airtel Payments Bank Chief Operating Officer Ganesh Ananthanarayanan.
Airtel Payments Bank was launched in January 2017. Currently it has a physical presence in all 29 states of the country through its 500,000-plus banking points. Out of these, over 60,000 focus on insurance and pension products in an attempt to reach the underserved. India’s first payments bank has a user base of over 40 million customers.
The RBI earlier this month said Airtel Bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16. After the usual banking hours, these transactions are set to be automated initiated using ‘Straight Through Processing (STP)’ modes by the banks.
According to the bank, the existing discipline for crediting the beneficiary’s account or returning the transaction within 2 hours of settlement to the originating bank will also continue.
(With input from agencies)