Milestone of processing 4,10,61,337 Transactions Reached by NEFT on 29.02.2024:

Milestone of processing 4,10,61,337 Transactions Reached by NEFT on 29.02.2024 The Reserve Bank of India (RBI) has notified the Progress of NEFT and RTGS Systems. 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. National Electronic Funds Transfer (NEFT) system and Real Time Gross Settlement (RTGS) system are being managed by the Reserve Bank to settle the retail and wholesale payments, respectively. An significant milestone was achieved in the journey of these systems with NEFT and RTGS functioning on a 24x7x365 basis from December 16, 2019, and December 14, 2020, respectively. Over the course of the last ten years (2014–23), the volume and value of the NEFT and RTGS systems have increased by 700% and 200%, respectively, and 670% and 104%, respectively. On March 31, 2023, 16.25 lakh transactions were processed over the RTGS system in a single day, which was a record.