RTGS settlement is described as 'final and irrevocable'. Consider the following statements: 1. 'Finality' in RTGS means that once a transaction is settled in RBI's books, it cannot be reversed even if it was made in error by the sender. 2. RTGS settlement risk is lower than NEFT because each transaction settles individually rather than accumulating net obligations that settle later. 3. RTGS operates 24x7 since RBI extended its operating hours, making it equivalent to UPI in terms of availability. Which of the above statement(s) is/are correct?

Statement 1 is correct  settlement finality is a legal and operational concept: once funds move through RBI's books in RTGS, the obligation is discharged. A sender cannot reverse it; they must request the beneficiary to return funds voluntarily. Statement 2 is correct  RTGS eliminates net settlement risk because there is no end-of-cycle netting; each payment is final when processed. Statement 3 is wrong  while RTGS hours were extended significantly, it is not equivalent to UPI's 24x7 availability in all contexts. UPI operates continuously including on bank holidays; RTGS still has some operational constraints. The 'equivalent to UPI' phrasing makes Statement 3 incorrect