New Delhi, March 2 -- The National Electronic Funds Transfer (NEFT) system has achieved a milestone by processing over 4 crore transactions, the highest number of transactions processed in a day so far.

The feat was recorded on February 29, 2024, according to the Reserve bank of India (RBI).

NEFT offers advantages for funds transfer or receipt round-the-clock availability on all days of the year, near-real-time funds transfer to the beneficiary account and settlement securely, pan-India coverage through a large network of branches of all types of banks, among various other benefits.

National Electronic Funds Transfer (NEFT) system and the Real Time Gross Settlement (RTGS) system are being managed by the Reserve Bank to settle retail an...