Consider the following statements in respect of RTGS and NEFT: I. In RTGS, the settlement time is…

Consider the following statements in respect of RTGS and NEFT: I. In RTGS, the settlement time is instantaneous while in case of NEFT, it takes some time to settle payments. II. In RTGS, the customer is charged for inward transactions while that is not the case for NEFT. III. Operating hours for RTGS are restricted on certain days while this is not true for NEFT. Which of the statements given above is/are correct?
  1. I only
  2. I and II
  3. I and III
  4. III only

Solution

RTGS settles in real time while NEFT settles in half-hourly batches (I correct). Inward transactions are free in both (II wrong). Both RTGS and NEFT now operate 24x7 (III wrong).

Asked in: UPSC Prelims 2025

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