Dear Editor,The Reserve Bank of India (RBI)’s decision to make NEFT transfer facility available 24×7 for customers from December 16 is welcome. Further, the Central bank has also waived off charges levied for transactions carried through NEFT/RTGS payments in order to promote a cashless ecosystem. The facility to make the NEFT system available on a round-the-clock basis will incentivise digital payments. The robust penetration of digital transactions through app-based banking facility and Unified Payments Interface (UPI)-based payment system has eliminated the need to withdraw cash from a bank/ATM. It will benefit the customers, too, especially during travel exigencies and medical emergencies as both situations require immediate cash payment to the beneficiaries. The mode of transfer in NEFT is not only fast but also convenient and cost-effective. It saves time and effort for both the payer and the payee. Varun Dambal, Bengaluru.
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