The Reserve Bank of India (RBI) announced to make the National Electronic Funds Transfer (NEFT) system available on a 24x7 basis from December 16. In a notification on Friday, "Availability of National Electronic Funds Transfer (NEFT) System on 24x7 basis", it has notified that facility shall be made available from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).Worth mentioning that RBI has directed banks not to charge savings account holders for NEFT with effect from January 2020. The central bank had already waived NEFT processing charges that it imposed on banks with a directive that they pass on the reduction.NEFT:NEFT is a payment system facilitating funds transfers from one bank account to another. One can access this service either by using Internet banking or by visiting the bank branch. It operates on a DNS (Deferred Net Settlement) basis which settles transactions in batches. At present, there are 12 settlements between 8 am and 7 pm on weekdays. On Saturdays six settlements between 8 am and 1 pm are there.