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.
According to an RBI statement, an important landmark was reached in the journey of these systems with NEFT and RTGS functioning on a 24x7x365 basis from December 16, 2019, and December 14, 2020, 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.