In a historic leap, the National Electronic Funds Transfer (NEFT) system set a remarkable milestone on February 29, 2024, processing an unprecedented 4.10 crore transactions in a single day, as declared by the Reserve Bank of India (RBI) on Friday. This achievement marks a significant advancement in the efficiency and reach of electronic fund transfers in the country.
The exact number, 4 crore 10 lakh sixty-one thousand three hundred and thirty-seven transactions, underscores the increasing reliance on digital payment systems and the growing adoption of NEFT for various financial transactions.
Over the past decade, from 2014 to 2023, both the National Electronic Funds Transfer and Real Time Gross Settlement (RTGS) systems have exhibited remarkable growth. In terms of transaction volume, NEFT recorded a staggering 700 percent increase, while RTGS experienced a commendable 200 percent growth. The corresponding figures for transaction value depict an impressive growth of 670 percent for NEFT and 104 percent for RTGS, according to RBI data.
RBI, as the overseer of both NEFT and RTGS systems, plays a pivotal role in facilitating seamless retail and wholesale payments, contributing to the steady growth observed in recent years.
An essential turning point in the journey of these systems occurred with the introduction of round-the-clock functionality for NEFT from December 16, 2019, and RTGS from December 14, 2020, onwards, further enhancing the accessibility and convenience for users.
In a related announcement, RBI disclosed that approximately 97.62 percent of the ₹2000 banknotes in circulation as of May 19 last year have been returned. The total value of ₹2,000 banknotes in circulation, which stood at ₹3.56 lakh crore during the withdrawal in May last year, has declined to ₹8,470 crore on February 29, 2024.
As digital transactions continue to flourish and evolve, the recent achievements in NEFT signify a noteworthy stride towards a more digitalized and efficient financial landscape.
