Consider the following statements in respect of RTGS and NEFT : 1. In RTGS, the settlement time is instantaneous while in case of NEFT, it takes some time to settle payments. 2. In RTGS, the customer is charged for inward transactions while that is not the case for NEFT. 3. 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?

Statement 1 is correct because RTGS settles transactions individually and continuously in real-time, whereas NEFT processes transactions in half-hourly batches, leading to a slight delay. Statement 3 is incorrect because both RTGS and NEFT have been operational 24x7x365 since 2020, making option (c) a common trap for those using outdated information. The core concept tested is the operational mechanism and current regulatory framework of India’s centralized payment systems managed by the RBI.