Which of the following is not true about National Electronic Funds Transfer (NEFT) system?
Answer: B
NEFT used to operate in hourly batches.
On may 8, 2017, the RBI announced that additional 11 settlement batches at half- hourly intervals will be introduced from July 10 2017 , beginning from 8.30 am till 6.30 pm.
With this, the total number of half hourly settlement batches during the day will increase to 23.