Dear Editor, The recent move by RBI to ease NEFT transaction transfer schedule to be made available for 24 hours is welcome. It is also overwhelming to know that RBI has already waived of charges levied for the transactions carried through NEFT/RTGS payments in order to promote a cashless ecosystem. The facility to transfer money through NEFT transaction on round-the-clock basis will highly benefit many customers who are otherwise depended on physical ATMs for the purpose of immediate cash requirement. The robust penetration of digital transactions through app based banking facility and UPI based payment system has further eased the common man’s burden of fetching the cash from a physical location i.e bank/ATM. The facility to transfer funds through NEFT will further benefit the customers especially during travel exigencies and medical emergencies- as both the situations require immediate cash payment to the beneficiaries. With the round the clock NEFT transfer facility made available to their customers, RBI and other Banking institutions will now inch closer to achieving its goal of financial inclusion. Varun Dambal, Via-e-mail.
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