NEFT, or National Electronic Funds Transfer, is a widely used electronic funds transfer system in India, enabling secure and efficient electronic fund transfers between banks.

Objective: The Reserve Bank of India (RBI) manages the NEFT system, which facilitates electronic fund transfers between banks within India.The term “RTGS” may be an error, as it refers to Real-Time Gross Settlement, an Indian funds transfer system that enables instantaneous money transfer between banks.

Objective: RTGS is a system designed for large-value, time-critical interbank fund transfers, ensuring real-time, gross transactions without netting with other transactions.