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Question
It is a countrywide system by which an individual, firm or company can electronically transfer funds from any bank branch to another individual, firm or company having an account with any other bank branch in the country.
Options
RTGS
NEFT
IMPS
Mobile wallet
Solution
NEFT
Explanation:
- NEFT is a nationwide payment mechanism that enables one-to-one transfers.
- This Scheme allows individuals, organisations, and corporations to electronically transfer funds between participating bank branches in the country.
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RELATED QUESTIONS
Write a Short note on IMPS.
It is a funds transfer system under which transfer of funds takes place from one bank to another on a real time and gross basis.
Real Time means there is ______.
IMPS stand for ______.
It is a type of electronic card which is used for transactions made online through a computer or a smartphone.
Give the full form of RTGS.
What is 'National Electronic Fund Transfer'?
Compare and contrast the features of RTGS and NEFT.
List any four features of NEFT.
What are Mobile wallets?
