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

RTGS (Real Time Gross Settlement) settles transactions on a real-time, gross basis instantaneously, while NEFT (National Electronic Funds Transfer) operates in half-hourly batches, taking some time for settlement (I correct). In both RTGS and NEFT, inward transactions are free for customers — no charges are levied on the receiver (II incorrect). Both RTGS and NEFT are available 24×7×365 since December 2019 (NEFT) and December 2020 (RTGS), so operating hours are not restricted for either (III incorrect).