Reserve Bank of India (RBI) launched Real-Time Gross Settlement (RTGS) in 2004. Initially, the payment settlement was used for interbank transactions. However, the RBI later introduced the service to settle transactions between customer accounts. Another payment settlement system, owned and operated by the RBI, is National Electronic Funds Transfer (NEFT), which is a nationwide centralised payment system, allowing users to send money of up to Rs .2 lakh. It was launched in 2005.