Question

26.Ram visits Bank to transfer rupees 50000 electronically into another person account. At the bank he fills up the real time gross settlement form and presents it along with the necessary cash to the bank employee at the counter for immediate action. But, the bank employee informs that in this case he can not avail RTGS facility. But there is an alternate electronic bank transfer method available to him. In context of the above case : A) Why do you think, the bank refused to transfer funds on behalf of Ram through RTGS facility? B) What is the alternate electronic bank transfer method being referred to in the above lines? Explain.

(Non-anonymous question

)

. .

(4 Points)

it is my paper today so plz mo any irrevelant answers plz help me out.​

Answer 1

bank refused to transfer funds on behalf of Ram through RTGS facility because Amount was less than 200,000

Explanation:

National Electronic Funds Transfer (NEFT),

Real Time Gross Settlement (RTGS) and

Immediate Payment Service (IMPS).

Amount to transfer was 50,000

and RTGS is applicable on transfer of Money more that 200,000

Hence Ram was refused

Alternate method suggested was NEFT  

Earlier RTGS was available 24 x 7 and NEFT only  till 8 PM

But from recent Past even NEFT is available 24 x7 also

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