3 Indian banks make it to top 50 by assets in Asia-Pacific region in 2023
In the list, State Bank of India is at the 20th position, HDFC Bank at 33 and ICICI Bank at 48th spot.
Individuals will now be able to transfer money online at any time of the day as the Reserve Bank of India has enabled 24-hours National Electronic Funds Transfer (NEFT) facility for all 365 days of the year.
Change in timings will definitely help a number of customers to make payment anytime, compared to the 8 am-6:30 pm deadline applicable till now.
Since the NEFT payment batch ends at midnight, customers will not be able to make a transaction after 11.30 pm till the next batch begins at 12.30 am the next day.
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RBI’s move is expected to increase digital transactions pan-India as customers will now be able to transfer amounts higher than IMPS via NEFT on any given day. Until now, only IMPS was available on all days of the week, but there was a cap at Rs. 2lakh.
In order to facilitate the all-time NEFT system, the federal bank has asked all the banks to upgrade their systems to provide smooth functioning of the NEFT round the clock.
NEFT charges: Major banks like, State Bank of India(SBI), ICICI Bank or HDFC Bank do not charge for online NEFT transfers. Earlier this year, the RBI waived off all charges on fund transfer via NEFT and RTGS. The central bank also asked all the banks to pass on the benefit to their respective customers. It also mandates banks to make the online NEFT transactions free for savings bank account holders from January 2020.
(With input from agencies)
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