Progress of NEFT and RTGS Systems

Summary:

The National Electronic Funds Transfer (NEFT) system has achieved a milestone by processing 4,10,61,337 transactions on February 29, 2024, the highest number in a single day. NEFT and Real Time Gross Settlement (RTGS) systems, managed by the Reserve Bank, have been processing retail and wholesale payments respectively. Both systems have shown significant growth over the past decade, with NEFT growing 700% in volume and 670% in value, and RTGS growing 200% in volume and 104% in value. Marking an important milestone, NEFT started operating 24/7/365 from December 16, 2019, while RTGS followed suit from December 14, 2020.