Business News
2 min read | Updated on March 04, 2024, 15:21 IST
SUMMARY
NEFT is an electronic payment transfer system that enables interbank/inter-branch transfer within India.
RBI said that NEFT has registered a growth of 700 per cent.
In a major milestone, the National Electronic Funds Transfer (NEFT) processed 4,10,61,337 transactions on February 29, marking the highest number of transactions processed in a day.
The Reserve Bank of India said that NEFT and Real Time Gross Settlement (RTGS) have registered a growth of 700% and 200% respectively and 670% and 104% respectively in terms of value in the last ten years (2014-2023).
Earlier, the RTGS system had processed its highest ever volume of 16.25 lakh transactions in a day on March 31, 2023.
NEFT is an electronic payment transfer system that enables interbank/inter-branch transfer within India. The transactions are processed in batches at half-hourly intervals. It is widely used for purposes such as salary payments, individual-to-individual transfers, business payments and more.
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