EMERGENCE OF NEFT SYSTEM

National Electronic Funds Transfer (NEFT) system was operationalised during November 2005 and 57,263 branches of 91 banks spread across the length and breadth of the country have participated in the NEFT system as on date. During the month of June 2009 alone, around 4.5 million transactions were processed through the system. The NEFT system has thus emerged as a system-wide important payment system.