The
Reserve Bank of India today published, on its website, the total monthly volume
of bankwise transactions on the National Electronic Funds Transfer (NEFT) and
Real Time Gross Settlement System (RTGS) for the months of June
and July 2008.
The Reserve Bank will henceforth publish this data regularly. The
Reserve Bank of India had introduced NEFT system in 2005 and RTGS in 2004. As
on date, the total number of banks participating in NEFT is 87 and that in RTGS
is 96. There are over 49,000 bank branches participating in these two electronic
funds transfer systems. National Electronic Funds Transfer
(NEFT) system is a nationwide funds transfer system to facilitate transfer of
funds between NEFT enabled bank branches. The beneficiary using NEFT system gets
the credit on the same day or the next day depending on the time of settlement.
The acronym 'RTGS' stands for Real Time Gross Settlement.
RTGS system is a funds transfer mechanism where transfer of money takes place
from one bank to another on a 'real time' and on 'gross' basis. This is the fastest
possible money transfer system through the banking channel. Alpana
Killawala
Chief General Manager
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