Electronic money transfer is something that has changed the way people used to transact. It has offered a way more convenient method that goes along the lines of modernity and the need of recent times.
The most widely used and popular mediums of transferring money between bank accounts in India are NEFT and RTGS. While NEFT has neither minimum nor maximum limits, RTGS is designed for heavier sums of money with 2 lac being the minimum amount and 10 lac being the maximum per day.
Per reports, National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) were disrupted for more than half a day. The signs of this started to show from Monday midnight.
Sources mention that this happened because of a technical glitch in the systems of the Reserve Bank of India. Nevertheless, NEFT and RTGS have been reinstated after inactivity of 12 hours.
Several reports reveal that the main issue allegedly was grappled by the Indian Financial Technology and Allied Services (IFTAS), which is an RBI affiliated branch when the “disaster recovery site” was being moved from locale A to B.
Sources impart that the NEFT transactions have as of now been brought back. The “end-of-day” RTGS transactions of the previous day are being worked on to get them to reach completion but the “start-of-day” for RTGS hasn’t ensued yet. Still, the restoration of RTGS is expected soon.
The setup for NEFT was established and supported by the Institute for Development and Research in Banking Technology. People will now be able to use this medium for online transferring of funds and money 24×7. Meaning that holidays or weekends would never come in the way of money transfers and funds would be transferred any day and at any time at all.
NEFT and RTGS are the most commonly used routes for online transfer of funds.
The former medium facilitates a provision for limitless one-to-one transfer of money from and to individuals and corporates with an account in any bank branch in the country. The latter, however, has the aforementioned limits and is a continuous and real-time settlements of fund transfers.