NEFT system processes record 4.1 crore transactions in a day

NEFT system achieved a milestone of processing 4,10,61,337 transactions on February 29, the highest number of dealings processed in a day so far, the Reserve Bank said on Friday.

The National Electronic Funds Transfer (NEFT) system and Real Time Gross Settlement (RTGS) system are being managed by the Reserve Bank to settle retail and wholesale payments, respectively. The RBI said that during the previous ten years (2014-23), NEFT and RTGS systems have registered a growth of 700 per cent and 200 per cent, respectively, in terms of volume and 670 per cent and 104 per cent, respectively, in terms of value.

RTGS system processed its highest-ever volume of 16.25 lakh transactions in a day on March 31, 2023.