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

-


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.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more