The National Electronic Funds Transfer (NEFT) recorded its highest ever single-day transactions on February 29, with the payment system processing 4.10 crore transactions on that day, the Reserve Bank of India said.
The NEFT processed 4,10,61,337 transactions on February 29, the RBI said.
“During the previous ten years (2014-23), NEFT and RTGS (Real Time Gross Settlement) 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 central bank said.
The NEFT started functioning on a 24/7 basis for 365 days of the year from December 16, 2019, while the same was facilitated for the RTGS from December 14, 2020. The NEFT and the RTGS, both of which are managed by the RBI, are used to settle retail and wholesale payments, respectively.
For the RTGS, the highest ever single-day volume was at 16.25 lakh transactions on March 31, 2023.
