Consider the following statements regarding National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS):

1. In National Electronic Fund Transfer (NEFT), the transaction happens in batches and hence it is slow.

2. In Real-Time Gross Settlement (RTGS), transactions happen in real time and hence it is fast.

3. There is no minimum limit in RTGS.

4. There is a Rs 2 Lakh minimum limit for NEFT.

How many of the above Statement/s is/are correct?

Statement 2 is correct: RTGS is a continuous process where transactions are settled individually on an order-by-order basis without netting. This makes it the fastest way to transfer large sums.

Statement 3 is incorrect: RTGS is specifically designed for high-value transactions. It has a minimum limit of ₹2 Lakh.

Statement 4 is incorrect: NEFT has no minimum limit; you can transfer as little as ₹1. (Note: There is also generally no maximum limit for NEFT, except for specific walk-in customers or certain bank-specific security caps).Comparison Table: NEFT vs. RTGS Feature NEFTRTGS Settlement Type Batch-wise (Half-hourly)Real-time (Individual)Minimum Limit₹1 (No minimum)₹2 Lakh Maximum Limit No limit (Typically)No limitI deal For Small to medium transfers Large/High-value transfersAvailability24x7x36524x7x365