how do banks facilate transfers of money
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If the major banks in a country all hold accounts with the central bank then they can move money between themselves simply by instructing the central bank to debit one account and credit the other. ... They are systems that allow real-time movements of funds between accounts held by banks at their respective central bank.
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IMPS facility allows customers to instantly transfer funds to any other account. Currently majority of the interbank fund transfer transactions are channelized through National Electronic Fund Transfer (NEFT) or Real Time Gross Settlement (RTGS) mechanisms.
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