NEFT sees highest-ever daily transactions at 4.10 crore

NEFT money transfer

National Electronic Funds Transfer (NEFT) reported its highest-ever daily number of transactions at 4.10 crore on February 29, 2024, the Reserve Bank of India (RBI) said on March 1.

Additionally, during the previous ten years (2014-23), NEFT and Real Time Gross Settlement (RTGS) systems have registered growth of 700 percent and 200 percent respectively in terms of volume and 670 per cent and 104 per cent respectively in terms of value, the central bank said.

NEFT and RTGS systems are being managed by the Reserve Bank to settle the retail and wholesale payments, respectively.

On December 16, 2019, NEFT system was enabled for 24x7x365 functioning and the same for RTGS systems was enabled on December 14, 2020, respectively.

This is a developing story.