To make transfer of funds an easier affair National Electronic Funds Transfer (NEFT) was introduced. Depending on the situation the funds can take a couple of hours to next working day to get transferred through this facility.

Sometimes, there can be unnecessary delay in the transaction and it can take time for the funds to be credited in the account. For such cases the apex banks has set some rules. In case of such a delay, the banks are required to pay repo rate plus 2% as penalty for the delayed period. The rule was introduced in the year 2010 by RBI.

To avoid paying the penalty the banks took a way out and they stated to alter the date of transactions. For this reason RBI has recently asked the banks to follow the guidelines properly. RBI has also asked the banks to set up Customer Facilitation Centres (CFCs). These centres are meant to register customer queries related to NEFT transactions.

The details of these CFC can be found on the web site of respective banks. If the details are not available there, then a customer can contact banking ombudsman.