Here's the question bank on all the banking & financial services topics.
Read the following statements and choose the CORRECT option.(i) NEFT is an electronic funds transfer system that operates on a Deferred Net Settlement basis that settles transactions in batches(ii) RTGS transactions are processed continuously throughout the banking business hours(iii) RTGS system is primarily meant for large value transactions(iv) All the bank branches in India are RTGS enabled
The correct answer is (i) TRUE, (ii) TRUE, (iii) TRUE, (iv) FALSE. NEFT is an electronic funds transfer system that operates on a Deferred Net Settlement basis that settles transactions in batches. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ? 2,00,000/- with no upper or maximum ceiling. RTGS, transactions are processed continuously throughout the RTGS business hours. No. All the bank branches in India are not RTGS enabled. Presently, there are more than 100,000 RTGS enabled bank branches. Important PointsNEFT stands for National Electronic Funds Transfer. RTGS stands for Real-Time Gross Settlement.
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