BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In which year National Electronic Fund Transfer started in India?

A	2004
B	2002
C	2006
D	2005

Explanation:

Detailed explanation-1: -Started in November 2005, NEFT is an electronic funds transfer system set up and managed by the Reserve Bank of India. NEFT allows the online transfer of funds from one NEFT-enabled bank account to another.

Detailed explanation-2: -National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology.

Detailed explanation-3: -Key Takeaways. The Electronic Fund Transfer Act (EFTA) protects consumers when transferring funds electronically. The EFTA was enacted in 1978 as a result of the increased use of ATMs.

Detailed explanation-4: -Ans: National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI).

There is 1 question to complete.