Mumbai, Mar 1 (PTI) NEFT system achieved a milestone of processing 4,10,61,337 transactions on February 29, the highest number of dealings processed in a day so far, the Reserve Bank said on Friday.

The National Electronic Funds Transfer (NEFT) system and Real Time Gross Settlement (RTGS) system are being managed by the Reserve Bank to settle retail and wholesale payments, respectively.

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The RBI said that during the previous ten years (2014-23), NEFT and RTGS systems have registered a 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.

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

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)