NEFT
Central cyber security agency warns banks, NBFCs of AI attacks; I4C reveals how hackers are executing multi-crore frauds
I4C has warned banks, NBFCs and fintech firms about AI-powered cyberattacks that enable hackers to execute fraudulent transactions at machine speed. The agency has flagged multi-crore unauthorised fund transfers, urged financial institutions to strengthen API security and directed them to report cyber incidents to CERT-In and RBI within six hours.
RBI data centre to strengthen payment systems, cyber resilience
The Reserve Bank of India inaugurated a new sovereign data centre to enhance the resilience of financial services and reduce reliance on third-party cloud providers. Prime Minister Narendra Modi also inaugurated a cybersecurity training institute, which will develop expertise in emerging technologies. The data centre will support critical systems like RTGS and NEFT for efficient financial transactions.
UPI handles nearly 80 crore transactions daily, says Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman highlighted the impressive growth of India's digital payments ecosystem. The Unified Payments Interface processes over 2,400 crore transactions every month, showcasing its effectiveness. Sitharaman emphasized the expansion of fintech initiatives that enhance access to credit and investment opportunities. Data centres were granted infrastructure status in 2022, aiding digital infrastructure. The Reserve Bank's new campus will bolster payment systems and provide cybersecurity training.
Real-time payments explained: How money moves between bank accounts in seconds
Real-time payments allow money to move between bank accounts within seconds, making transactions faster and more convenient for consumers and businesses. In India, systems such as UPI and IMPS enable instant transfers, while RTGS processes high-value payments in real time. Here is how these systems work, the technology that powers them, their benefits for businesses and customers, and the security challenges.
SBI probes suspected data breach after 3.75 lakh records surface on dark web
State Bank of India is investigating a suspected data breach involving approximately 3.75 lakh records found online. The bank has engaged cybersecurity experts to assess the extent and risks related to the exposed data. Preliminary analysis has identified nearly 3,900 customer records, which include personally identifiable information. Previously, Central Bank of India experienced a technical glitch affecting its systems but reported no financial losses.
Cyberattacks affect 20 financial institutions; CERT-In warns on API vulnerabilities and security measures
Around 20 financial institutions were affected by cyberattacks earlier this month, with hackers allegedly exploiting stolen partner-bank credentials and vulnerabilities in payment APIs to siphon off funds. Following the attacks, CERT-In issued an advisory urging banks, NBFCs and fintech firms to suspend compromised interfaces, strengthen transaction safeguards and tighten customer verification.
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Compensation of Rs 100 to Rs 5,000 per day for delay by bank in processing your request in these 5 situations
From stuck credit card closure requests to lost property papers, RBI rules require banks to pay you for every day they're late. A customer earlier this year won Rs 3.21 lakh for a delayed credit card closure. Here are 5 situations where the clock ticks in your favour, with compensation ranging from Rs 100 to Rs 5,000 a day.
Are banks open tomorrow on October 2 for Gandhi Jayanti? Check government, private bank holiday status
Banks will be closed across India on October 2, 2026, as branches observe Gandhi Jayanti, including SBI and banks in the public, private, foreign and cooperative sectors. While customers will not have access to in-person branch services on the national holiday, digital facilities such as UPI, NEFT, RTGS, mobile and internet banking are expected to continue, with ATMs also available.
SBI ATM charges to be waived during proposed bank strike of September 28-30: What customers need to know
As the nation prepares for a bank strike from September 28 to September 30, 2026, the State Bank of India has decided to eliminate ATM charges for transactions during this time. Although branches will continue to operate, customers should prioritize completing necessary transactions beforehand and consider using digital banking options.
How will MDR on UPI affect your mutual fund investments? Will AMCs and brokers pass on the costs to users?
The introduction of a 0.02% merchant discount rate will impact specific mutual fund and broking transaction payments. One-time investments in mutual funds and broker wallet replenishments will be subject to this fee, while recurring mutual fund SIPs via UPI AutoPay will remain exempt. Discount brokers engaging in high-value trades will experience the greatest repercussions from these modifications, and their clients could ultimately face increased costs.
UPI for mutual funds: Benefits, limits and impact of new MDR explained
Unified Payments Interface (UPI) enables convenient investment in mutual funds through instant payments and SIPs. Investors appreciate UPI for its ability to process transactions 24/7 and avoid manual input. Recently, a 0.02% merchant discount rate was introduced on certain UPI transactions, affecting one-time investments. However, SIPs under UPI AutoPay remain exempt from this fee, easing investor concerns.
Pass the buck to RBI, banks: Let the savings from digital payments fund UPI costs, not consumers
The RBI's MDR introduction on UPI transactions above ₹2,000 faces criticism. This move may discourage digital payments and encourage a return to cash. Savings from reduced currency printing should cover fintech expenses instead. Digital payments have significantly reduced RBI's currency printing expenditure. Incentivizing digital payments is crucial for curbing the parallel economy.
New UPI MDR Explained: Impact on mutual funds, brokers & investors
The implementation of a new 0.02% merchant discount rate will influence certain UPI transactions, including one-time contributions to mutual funds and topping up broker wallets. Notably, recurring SIPs using UPI AutoPay will remain exempt from this fee. Discount brokerage firms may see a rise in operational costs, which could lead to indirect cost implications for their clients.
NEFT, RTGS rule change: Verify beneficiary names easily with new account name lookup facility; when can you use it?
NEFT, RTGS rule change: There have been many instances where remitters remitted funds to the wrong beneficiary. This new rule will help to limit the number of incorrect money transfers.
RTGS, NEFT charges of big banks in April 2024 compared: SBI, HDFC Bank, ICICI Bank, PNB
RTGS, NEFT charges: NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction-by-transaction basis throughout the day.
NEFT records 4.1 cr transactions on Feb 29, highest single-day volume
The NEFT recorded its highest ever single-day transactions on February 29, with 4.10 crore transactions processed. NEFT and RTGS have seen significant growth in volume and value. NEFT operates on a 24/7 basis, 365 days a year since December 16, 2019, while RTGS achieved this from December 14, 2020. NEFT settles retail payments and RTGS settles wholesale payments.
Transfer via NEFT, RTGS: What happens if money is not credited to beneficiary account on time, penalty banks have to pay
If it is not possible to pay credit to the beneficiary's account for any reason, originating banks must return the transaction (to the originating branch) within two hours of the batch in which the transaction was processed in NEFT.
NEFT, RTGS charges: SBI vs HDFC Bank vs ICICI Bank vs PNB
Banks do charge for transactions conducted in branches. NEFT and RTGS fees charged by banks such as SBI, HDFC Bank, ICICI Bank, and Punjab National Bank (PNB) for NEFT and RTGS transactions completed at bank branches are listed here.
LIC asks policyholders to update bank details for easy claim process: Here’s how to register for NEFT mandate
If you are receiving annuity payments through ECS, you can choose to receive them via NEFT by submitting a mandate, or you can continue to receive them via ECS. If the bank details change after submitting the NEFT details, a new mandate form must be submitted.
NEFT facility will not be available during this time on Sunday
RBI has asked member banks to inform their customers to plan their payment operations accordingly. NEFT Members will continue to receive event update(s) through NEFT system broadcasts, it added.
Transfer money via NEFT 24x7 from Dec 16; from Jan 1 it will be free of cost. Here's all you need to know
NEFT allows individuals, firms, corporates to transfer money from one bank branch account to another one anywhere in the country. Earlier, this facility could be availed only on working days between 8:00 Am and 7:00 PM.
11.40 lakh transactions settled in 8 hours after RBI operationalises NEFT 24X7
The RBI now joins an elite club of countries having payment systems which enable round-the-clock funds transfer and settlement of any value. "Between 12:00 am and 8:00 am this morning, NEFT settled over 11.40 lakh transactions," it said.
NEFT transactions to be made 24x7 from December 16
Bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16, the Reserve Bank of India announced on Friday.
From January, banks cannot charge you for online NEFT transactions
The RBI has mandated all banks to stop charging savings account customers for NEFT use from Jan '20.
Transfer funds via NEFT 24X7 from December 2019
NEFT is a payment system facilitating funds transfers from one bank account to another.
Fund transfer via RTGS, NEFT set to get cheaper from Monday
After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems, RBI had also asked banks to pass on the benefits to customers from the same day.
Fund transfers via RTGS, NEFT to cost less from July 1
Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route.
RBI directs banks to follow NEFT guidelines strictly
The Reserve Bank today directed banks to strictly follow guidelines on NEFT, an online inter and intra bank fund transfer.
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