NEFT records a high of over 4 crore single-day transactions

The National Electronic Funds Transfer (NEFT) system has achieved a milestone by processing over 4 crore transactions, the highest number of transactions processed in a day so far.

The feat was recorded on February 29, 2024, according to the Reserve bank of India (RBI).

NEFT offers advantages for funds transfer or receipt round-the-clock availability on all days of the year, near-real-time funds transfer to the beneficiary account and settlement securely, pan-India coverage through a large network of branches of all types of banks, among various other benefits.

National Electronic Funds Transfer (NEFT) system and the Real Time Gross Settlement (RTGS) system are being managed by the Reserve Bank to settle retail and wholesale payments, respectively.

An important landmark was reached in the journey of these systems, with NEFT and RTGS functioning on a 24x7x365 basis from December 16, 2019, and December 14, 2020, respectively.

During the previous ten years (2014-23), NEFT and RTGS systems have registered 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.

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