NEFT hits a new milestone with 4.10 crore transactions in a day: RBI

NEFT system has achieved a milestone on leap day i.e., on February 29, 2024, by processing 4.10 crore transactions, the highest ever in a day so far.

The precise number was 4 crore 10 lakh sixty-one thousand three hundred and thirty-seven, announced Reserve Bank of India (RBI) on Friday.

In the past ten years (i.e., between 2014 to 2023), National Electronic Funds Transfer and Real Time Gross Settlement systems registered growth of 700 per cent and 200 per cent, respectively in terms of volume. In terms of value, these figures were 670 per cent and 104 per cent, respectively, showed RBI data.

RBI manages NEFT and RTGS systems to settle the retail and wholesale payments, respectively. 

In the journey of these systems, an important milestone was reached when NEFT started functioning round-the-clock with effect from December 16, 2019, and RTGS from December 14, 2020 onwards. 

RTGS system processed its highest ever volume of 16.25 lakh transactions in one day on March 31 last year.

Currency returned

In another news, RBI also declared that around 97.62 percent of the 2000 banknotes in circulation as on May 19 last year have been returned. Besides, the total value of 2,000 banknotes in circulation, which was 3.56 lakh crore at the time of withdrawal in May last year, has declined to 8,470 crore on February 29, 2024.

ALSO READ: New IMPS online money transfer rule: What is it? How it works? All details here

The facility for exchange of the 2000 banknotes has been available at the 19 Issue Offices of the Reserve Bank of India (RBI) since May 19, 2023. 

The last announcement with regards to 2,000 currency notes was made on Feb 1, 2024 when it was revealed that 97.50 per cent of the banknotes in circulation as on May 19, 2023 were returned. 

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Published: 02 Mar 2024, 01:41 PM IST

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