Facts for Prelims (FFP)
Source: TNIE
Context: Recently, the National Electronic Funds Transfer (NEFT) system processed a record 4.10 crore transactions, marking the highest number of transactions processed in a single day.
- The NEFT system, along with the Real Time Gross Settlement (RTGS) system, is managed by the Reserve Bank of India for settling retail and wholesale payments, respectively.
- Both NEFT and RTGS have been operating on a 24x7x365 basis.
