Canara Bank has alerted all customers that the IFSC (Indian Financial System Code) codes of the erstwhile Syndicate Bank will be disabled with effect from 1 July 2021.
Highlights
Customers might face difficulties in transferring money online.
They can use IMPS to send/receive money online.
New Delhi: On May 18, the Reserve Bank of India (RBI) had warned bank customers that the National Electronic Funds Transfer (NEFT) facility will remain unavailable for 14 hours on Sunday (May 23) from 00.01 am to 14:00 pm.
The RBI had urged banks to ensure that their customers are aware of the temporary blackout of the NEFT services so that they can schedule their payments accordingly. The central bank has cited technical upgradation of NEFT as the reason why the digital payments facility won’t work on Sunday.
Avoid credit card for paying tax if you have a choice livemint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livemint.com Daily Mail and Mail on Sunday newspapers.
Highlights
Customers won’t be able to use internet banking, YONO and YONO Lite.
SBI is upgrading online services since Friday, May 21.
State Bank of India (SBI) may need to wrap up all their digital transactions pending for Sunday (May 23) on Saturday (May 22), as the bank’s online services will be affected due to a technical upgradation.
The state-owned bank said that it will be upgrading its National Electronic Funds Transfer (NEFT) systems after the closure of business on Saturday. SBI customers won’t be able to use internet banking, YONO and YONO Lite from 00:01 am to 14:00 pm on Sunday.
Online money transfer alert: You canât send money via NEFT for 14 hours from TONIGHT
The RBI notification, however, said that the Real-Time Gross Settlement (RTGS) facility will function as usual on Sunday (May 23).
Share
Updated: May 22, 2021, 04:31 PM IST
Bank customers should take note that online transfer of money will be hit on Sunday (May 23). The National Electronic Funds Transfer (NEFT) facility will remain unavailable for 14 hours on Sunday (May 23) starting at 12.01 am till 2 pm on Sunday.
The Reserve Bank of India (RBI) released a notification about the same on Monday saying, “A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021.