It seems I am not the only one with issues regarding LFTs to India. Seems there is some problem somewhere in the payment processing system. It was working fine till the end of 2015.
I initiated a payment request using the LFT option on Feb 18th and it was supposed to reach my account on the 24th but it has not arrived till date. The transaction reference number was: 77856427
The "Payment resolution team" says that they have initiated a trace and it should take 2 to 4 weeks to find out what happened to the money. Still waiting .
I am not withdrawing funds till this gets resolved.