NEFT processes highest-ever 4.1 crore transactions per day on February 29

National Electronic Funds Transfer (NEFT) system, the retail payments system managed by the Reserve Bank of India, achieved the milestone of processing 4.1 crore transactions on February 29, 2024–the highest number of transactions processed in a day so far.

NEFT and Real Time Gross Settlement (RTGS) system are managed by RBI to settle retail and wholesale payments, respectively. The NEFT system started functioning on a 24x7x365 basis from December 16, 2019 whereas RTGS started from December 14, 2020.

• Also read: Bring all departments on e-bill platform, Finance Secretary tells pay and accounts officers

“During the previous ten years (2014-23), NEFT and RTGS 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 in a release.

The RTGS system had processed its highest ever volume of 16.25 lakh transactions in a day on March 31, 2023.