RBI makes NEFT, IMPS, UPI available round the clock

The Reserve Bank of India (RBI) declared that non-cash digital payment options (like NEFT, IMPS, UPI and BBPS) will be available round the clock to facilitate fund transfers, purchase of goods / services, payment of bills, etc.
NEFT is National Electronic Funds Transfer, IMPS is Immediate Payment Service, UPI is Unified Payments Interface and BBPS is Bharat Bill Payment System.
In September 2019, RBI has allowed the interoperable platform to accept all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes.
NEFT is a payment system facilitating funds transfers from one bank account to another. In 2019, RBI announced the removal of charges for payments via NEFT and RTGS, which came into effect from January 2020.
UPI is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform. It also allows multiple bank accounts to get into a single mobile application.