NEFT sets new record, one day Rs. More than 4 crore transactions were done

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MUMBAI: With the advent of digital payments, the hassle of standing in long bank queues has come to an end. From business to general transactions, digital transactions are now the first choice of people. National Electronic Fund Transfer (NEFT), a mode of bank transaction, set a record. The Reserve Bank said that on February 29, 2024, a total of Rs.4.10 crore worth of NEFT transactions took place.

Also, on the last 10 years of data, the Reserve Bank said that during 2014-2023, NEFT and Real Time Gross Settlement (RTGS) systems grew by 700 percent and 200 percent in volume terms, respectively, while the growth in value terms was 670 percent, respectively. And it was 104 percent.

The Reserve Bank is operating NEFT and RTGS to manage retail and wholesale payments. On 16 December 2019, it was announced that the facility for the NEFT system would be operational 24 hours, while on 14 December 2020, it was announced that the facility would be implemented for the RTGS system.

Through National Electronic Fund Transfer, money is transferred from one bank account to another. Funds are not transferred instantly through NEFT, instead fund transfer batches for NEFT are released every half hour. Through this process, people who transfer funds within half an hour.

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