Correct Option (A):
Statement I is correct. RTGS (Real Time Gross Settlement) facilitates continuous and real-time settlement of funds transfers individually on a gross basis. This implies immediate processing of transactions without netting. In contrast, NEFT (National Electronic Funds Transfer) operates on a deferred net settlement (DNS) basis, where transactions are processed in batches at specific intervals (e.g., half-hourly). This batch processing introduces a short delay in settlement compared to RTGS.
Incorrect Options:
Statement II is incorrect. As per Reserve Bank of India (RBI) directives, inward RTGS transactions are free of charge for customers. Banks are permitted to levy charges only for outward RTGS transactions within prescribed limits. Similarly, inward NEFT transactions are also free for customers, while outward transactions may be charged.
Statement III is incorrect. Both RTGS and NEFT services are available 24 hours a day, 7 days a week, 365 days a year. The 24x7 availability for NEFT was implemented in December 2019, and for RTGS, it was implemented in December 2020. Therefore, the assertion that operating hours for RTGS are restricted on certain days is factually incorrect.
Based on the analysis, only Statement I is correct. Thus, options including Statement II or III are incorrect.