NEFT Recorded 4.1 Crore Transactions, Highest Single-Day Volume, On Feb. 29
Introduced in November 2005, NEFT system enables transfer of funds at half-hourly intervals, without any minimum or maximum amount limits.
The number of transactions processed through the Reserve Bank of India's National Electronic Funds Transfer (NEFT) system hit its highest ever single-day volume of 4.1 crore on Feb. 29.
The RBI offers two modes of digital payments—NEFT and Real Time Gross Settlement (RTGS)—which have been active round-the-clock since December 2019 and December 2020, respectively, the central bank said in a statement on Friday.
However, Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) are other modes of electronic payments facilitated by the National Payments Corporation of India for real-time fund transfers.
The NEFT system processes retail payments, and the RTGS system facilitates wholesale transactions. The RTGS system, which settles all inter-bank payments and customer transactions above Rs 2 lakh, hit a record high volume of 16.25 lakh transactions in a day on March 31, 2023, the RBI said.
Introduced in November 2005, the NEFT system enables the transfer of funds at half-hourly intervals without any minimum or maximum amount limits.
In the last decade, the value of transactions through the NEFT system grew by 670%, and those on the RTGS system by 104%. In terms of volume, NEFT transactions grew 700% and RTGS payments grew 200%.
