RBI to publish monthly transactions on NEFT, RTGS

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Mumbai, Aug 27 (UNI) The banking regulator Reserve Bank of India today said it will publish a total monthly volume of bank-wise transactions on the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement System (RTGS), on regular basis.

The RBI published its first observation for the months of June and July 2008 and will henceforth publish this data regularly, RBI said in a release.

The RBI 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, RBI stated.

NEFT is a nationwide funds transfer system to facilitate transfer of funds between NEFT enabled bank branches. The banks using NEFT system gets the credit on the same day or the next day depending on the time of settlement.

RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a ''real time'' and ''gross'' basis. This is the fastest possible money transfer system through the banking channel, RBI added.

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