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NEFT witnesses highest ever daily transaction on Feb 29
Photo Courtesy: Pixabay

NEFT witnesses highest ever daily transaction on Feb 29

India Blooms News Service | @indiablooms | 01 Mar 2024, 11:01 pm

Mumbai: The Reserve Bank of India (RBI) announced on Friday that the National Electronic Funds Transfer (NEFT) recorded its highest-ever daily transaction volume of Rs 4.10 crore on February 29, 2024.

Furthermore, over the past decade (2014-2023), both NEFT and Real Time Gross Settlement (RTGS) systems have seen substantial growth, with NEFT witnessing a 700 percent increase in volume and a 670 percent increase in value, while RTGS witnessed a 200 percent increase in volume and a 104 percent increase in value.

The Reserve Bank manages NEFT and RTGS systems for settling retail and wholesale payments, respectively.

NEFT was enabled for 24x7x365 operations on December 16, 2019, while RTGS followed suit on December 14, 2020.

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