In a customer-oriented move, the Reserve Bank of India has revealed its plans to launch 24x7 remittance facility, India Money Line, similar to the ATM fund withdrawal facility based on the NEFT technology.

Commenting on the customer advantage that the system will fetch, Anup Raj, Manager (Systems), RBI, said, "India Money Line will be on the lines of the National Electronic Fund Transfer (NEFT) scheme but will be much wider in scope and will work on a 24x7 basis to benefit customers."

The 24x7 remittance system planned by the central bank would be modeled on the basis of the systems functional in the countries like Singapore.

Revealing the implementation of system, he said, "The idea has been floated and responses have been sought from the regional offices of the RBI. The final implementation will be based on the responses received."

NEFT is a technology that enables the inter-bank fund transfer. The system linked 52,427 bank branches across 89 banks, as on December 31, 2008.