Airtel Payments Bank enables 24x7 NEFT transfers

Airtel Payments Bank on Thursday said it has enabled 24x7 NEFT transfers in line with the Reserve Bank of India's (RBI) guidelines.

Airtel Payments Bank customers will now be able to use the National Electronic Funds Transfer (NEFT) facility at any time of the day. The facility will be available to customers on a 24x7 basis even on holidays enabling then to receive or send funds to any bank from anywhere, anytime, the Bank said.

Airtel Payments Bank customers can transfer funds via NEFT using the banking section of the Airtel Thanks app or the website of Airtel Payments Bank. They need to select the 'Transfer Money' option followed by 'transfer to Bank'. A screen to register the beneficiary will appear. Once the beneficiary registration process is completed, the customer can easily transfer the money.

Airtel Payments Bank Chief Operating Officer Ganesh Ananthanarayanan said: "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."

Launched in January 2017, Airtel Payments Bank 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.

-IANS