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?

Statement I: Correct. RTGS settles transactions individually in real time, so transfer is essentially immediate; NEFT works on deferred settlement in batches, so it takes some time.

Statement II: Incorrect. As per RBI directions, inward transactions are free for both RTGS and NEFT; customers are not charged for receiving funds.

Statement III: Incorrect. Earlier there were timing restrictions, but RBI has made both RTGS and NEFT available 24x7x365; so this distinction is not valid.

Therefore, only Statement I is correct.