The National Electronic Funds Transfer (NEFT) service will now be open to Airtel Payments Bank customers at any time of the day. The facility will be available to customers on a 24x7 basis, even on holidays, so that fun can be provided or sent.
On Thursday, Airtel Payments Bank said it allowed 24x7 NEFT transfers in compliance with the guidelines of the Reserve Bank of India (RBI).
The National Electronic Funds Transfer (NEFT) facility will now be open to Airtel Payments Bank customers at any time of the day. The facility will be available to customers on a 24x7 basis, even on holidays, enabling any bank to receive or send funds at any time, the bank said.
Airtel Payments Bank customers can use the banking section of the Airtel Thanks app or the Airtel Payments Bank website to transfer funds through NEFT. They will select the option' Transfer Cash' followed by the option ' Transfer to Bank.' A computer will appear to identify the recipient. Once the registration process for the recipient has been completed, the customer can transfer the money easily.
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Airtel Payments Bank Chief Operating Officer Ganesh Ananthanarayanan said: "We are committed to providing customers with a secure and seamless banking experience. We welcome the RBI directive as it will allow our customers to conveniently transfer the money to any bank account using NEFT mode at any time, contributing to the customers ' overall online banking experience."
Launched in January 2017, through its 500,000 plus banking points, Airtel Payments Bank has a physical presence in all the country's 29 states. Over 60,000 of these, in an attempt to reach the underserved, focus on insurance and pension products. The first payment bank in India has a user base of more than 40 million customers.
Earlier this month, the RBI said Airtel Bank customers will be able to transfer funds all day, including weekends and holidays from December 16, via NEFT around the clock. Such transfers are expected to be processed by the banks after the regular banking hours using' Straight Through Processing (STP) ' modes.
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