NEW DELHI: The National Electronic Funds Transfer (NEFT) system achieved a milestone on February 29, 2024, by processing 4.10 crore transactions, the highest number of transactions processed in a day so far. The NEFT system and Real Time Gross Settlement (RTGS) system are being managed by the Reserve Bank of India to settle the retail and wholesale payments, respectively. During the previous ten years (2014-23), NEFT and RTGS systems have registered growth of 700% and 200% respectively in terms of volume and 670% and 104% respectively in terms of value. RTGS system had processed its highest ever volume of 16.25 lakh transactions in a day on 31 March 2023. While NEFT transactions happen between two banks within a given schedule, transfers under RTGS can take place on a real time basis.

Source: Indian Express March 03, 2024 02:16 UTC