(15 marks)
Let
s take an example of a simple transaction. Suppose a bank employee transfers Rs 500 from A's account to B's account. Show cast the step by step process of amount being transferred from A's account to B's account .
Answers
Answer:
According to the notification, the intraday liquidity facility would allow the NEFT transfers round the clock, throughout the year. “In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24x7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS),” RBI said in its notification. Further, the savings account holders will not have to pay for using the NEFT service from January, 2020 onwards, as the RBI has ordered the banks to waive off the charges.
Benefits in a nutshell
Round the clock inter-bank transfers available 24x7 and 365 days a year including holidays
All the member banks will be eligible for the intra-day liquidity facility
NEFT charges will not be levied for savings account holders
Accountholders will be able to transfer funds to other account
Accountholders will get confirmation notifications for all NEFT credits
From December 16, 2019, there would be 48 half-hourly batches occurring between 00.30 am and 00:00 am everyday. The NEFT facility was not available for the account holders on bank holidays, which caused further delays.
Answer:
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