The Reserve Bank of India (RBI) reported that the National Electronic Funds Transfer (NEFT) system achieved its highest single-day transaction volume on February 29, processing 4.10 crore transactions. Over the past decade (2014-2023), both the NEFT and RTGS (Real Time Gross Settlement) systems have witnessed remarkable growth, with NEFT experiencing a 700% increase in volume and a 670% increase in value, while RTGS saw a 200% increase in volume and a 104% increase in value.
NEFT has been operational 24/7, 365 days a year since December 16, 2019, while RTGS achieved the same status from December 14, 2020. Managed by the RBI, both NEFT and RTGS play crucial roles in settling retail and wholesale payments, respectively.
Regarding RTGS, its highest single-day transaction volume occurred on March 31, 2023, reaching 16.25 lakh transactions.
