Digital payments constituted 96% of total non-cash retail payments during the period October 2018 to September 2019
To promote digital transactions, the RBI has asked banks not to charge savings bank account customers for online transactions in the NEFT or National Electronic Funds Transfer system with effect from January 2020. There are two systems of inter bank transfer - RTGS and NEFT - and both these systems are maintained by RBI. NEFT system of fund transfer operates on a deferred settlement basis. Fund transfers in NEFT transactions are settled in batches as opposed to the continuous, individual settlement in RTGS.