The Reserve Bank of India (RBI) has decided to implement the feature of continuous release of credit messages in the National Electronic Funds Transfer (NEFT) system from 9 March 2013. There is no change in the message formats and existing message formats will continue to be used.
The required changes in the NEFT processing software at the National Clearing Centre, Mumbai will be implemented after the EOD on March 08, 2013. Any change requirement in the SFMS/NEFT setup at banks’ end will be communicated in due course to all the member banks by IDRBT, the central bank said in a notification on Monday.
The feature of continuous release of credit messages is being introduced with the objective of providing maximum time to beneficiary/destination banks to process the inward NEFT transactions, thereby facilitating more efficient handling of growing transaction volumes in the system.
Further, the feature also envisages the optimum use of network resources and processing capacity by spreading the release of messages throughout the one hour time window between the two batch settlements, the notification added.
The RBI has advised banks to carefully monitor very high value transactions originated from their end as also the availability of funds in their settlement accounts. As clearly indicated in the NEFT Procedural Guidelines messages once sent by the originating bank are irrevocable.