Transactions via National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS), which were affected for almost 12 hours beginning Monday midnight due to a technical glitch at the Reserve Bank of India, have been restored to normalcy. According to The Hindu Businessline, the problem seemed to have been encountered by Indian Financial Technology & Allied Services (IFTAS), a RBI subsidiary, when moving the disaster recovery site from one location to another.
“We are trying to complete the end-of-day for RTGS transactions of the previous day. The start-of-day for RTGS has not happened. NEFT transactions have now been restored,” a banker told Businessline on Tuesday, and added that normalcy in RTGS was expected to be fully restored.
NEFT is a nationwide payment system facilitating one-to-one funds transfer. Under this, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the scheme. There is no limit — minimum or maximum — on the amount of funds that can be transferred using NEFT.
Real Time Gross Settlement (RTGS) is a system where there is continuous and real-time settlement of funds transfers, individually, on a transaction-by-transaction basis. The system is primarily meant for large-value transactions. While the minimum amount that can be remitted through RTGS is Rs 200,000, there is no upper ceiling.