The experience in the EMS has not always been positive, particularly in the early years, with a sizeable appreciation of sterling and the pursuit of pro-cyclical fiscal policies which undermined stability.
In order to provide near-to-real-time funds transfer facility to retail customers, as also to cater to the stock market timings, 11 batch settlements have been provided under NEFT. The NEFT system operates from 9.00 a.m. to 7.00 p.m. providing hourly settlements on week days and 5 settlements on Saturday. These measures have further improved the efficiency of the system.