NEFT records a high of 41 million transactions in a single day: RBI

The National Electronic Funds Transfer (NEFT) system processed a high of over 41 million transactions in a day on February 29 this year, the Reserve Bank of India (RBI) said.

The banking regulator said its NEFT system has registered a growth of 700 per cent in terms of the volume of transactions in the past ten years. On the value front, NEFT has recorded a 670 per cent rise.

“NEFT system has achieved a milestone on February 29, 2024, by processing 4,10,61,337 transactions, the highest number of transactions processed in a day so far,” the regulator said.

On the Real Time Gross Settlement (RTGS) front, the volume and value of transactions have grown by 200 per cent and 104 per cent respectively.

RTGS system had processed its highest ever volume of 1.625 million transactions in a day on March 31, 2023.

NEFT is a nationwide centralised payment system owned and operated by the RBI. RTGS is a system where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis (without netting), according to the RBI.