I transferred money to a recipient using NEFT. It still not credited to them. What to do?
NEFT transfers work as per the RBI guidelines and timings vary for weekends to weekdays. Usually the NEFT transfer happens in the next hourly batch when you give a request. As of now NEFT operates in twelve settlements from 8 am to 7 pm on week days (Monday through Friday) and six settlements from 8 am to 1 pm on Saturdays. If you had given a request on Saturday then the transfer will be done in the first batch on Monday. In case the funds have been transferred wrongly due to any bank error or technical glitch, the onus of correcting the transfer lies with the bank. Informing the bank would speed up the process as the NEFT system checks for any grievances or errors after each hourly transaction has taken place.
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