Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology.
Previously, NEFT system settled fund transfers in hourly batches with 23 settlements occurring between 00:30 hrs.
NEFT has gained popularity due to the ease and efficiency with which the transactions can be concluded.
[citation needed] There is no limit – either minimum or maximum – on the amount of funds that can be transferred using NEFT.
[10] 216.71 million National Electronic Funds Transfers transactions worth ₹1,811,780.90 crore (equivalent to ₹23 trillion or US$260.13 billion in 2023)[11] were made in September 2019, as against 661 million transactions worth ₹44 trillion (US$510 billion) the entire year 2013–15.