RBI has vide its circular dated 8th May 2017 introduced half hourly settlements for NEFT transactions. Half hourly settlements would speed up the funds transfer process and provide faster credit to destination accounts. Presently there are 12 settlement cycles at hourly intervals. This would now be enhanced to 23 half hourly settlement cycles from 8.00 a.m. to 7.00 p.m. The banks have been advised to accept and credit the inward NEFT transactions on half hourly cycles.
The additional batches would be introduced from 10th July, 2017. Banks therefore have been given time to make their system ready and compliant with effect from that date.
Banks are required to send confirmation to the originator of the NEFT that the remittance has been credited to the account of the beneficiary. Destination banks have to send confirmation to the originating banks which in turn will send the message to the originator.