What is electronic funds transfer? how it operates in india?
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National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, NEFT is a facility enabling bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis.
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Electronic fund transfer is a system of transferring money without the direct involvement of the bank officials, rather is computer-based.
Explanation:
- It is a cheaper and faster mode of the funding system. It has enabled both the organisations and individuals to save on cost. In India, this transfer system is categorised into many types. It includes transactions between one’s own accounts which linked or to another’s account.
- Transfer on the basis of real-time using real-time gross settlement which remits the amount in just thirty minutes. IMPS is used in a wide range which involves an instant transfer of money through mobile to another account.
- Unified payment interface is yet another mode of transaction which is being used in many sectors in India for its ease of functionality and faster network.
Learn more about electronic funds transfer
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