BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gross Batch Settlement
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Deferred Net Settlement
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Priority Net Settlement
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Domain Net Settlement
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Detailed explanation-1: -Notes: NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
Detailed explanation-2: -NEFT stands for National Electronic Funds Transfer. 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-3: -Q. Which of the following is not true about National Electronic Funds Transfer (NEFT) system? Answer: [B] NEFT operates in hourly batches.
Detailed explanation-4: -A standard NEFT payment will take up to two hours for the amount to be credited to the beneficiary’s account. However, in some cases, it may take more time, and it is best to check with the CFC in case of further delays.
Detailed explanation-5: -NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction-by-transaction basis throughout the day. 5.