BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
both processing and final settlement of funds transfer instructions can take place continuously
|
|
|
final transaction takes place at the end of the day
|
|
|
final payment is physically effected within 24 hours
|
|
|
final settlement of funds take place at 3 PM daily
|
Detailed explanation-1: -What does RTGS stand for? Ans. The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be explained as a system where there is continuous and real-time settlement of fund-transfers, individually on a transaction-by-transaction basis (without netting).
Detailed explanation-2: -An RTGS system is a gross settlement system in which both processing and final settlement of funds transfer instructions can take place continuously (i.e., in real time).
Detailed explanation-3: -RTGS is a funds transfer systems where transfer of money takes place from one bank to another on a “real time” and on “gross” basis. Settlement in “real time” means payment transaction is not subjected to any waiting period.
Detailed explanation-4: -Senior Accountant at 365KPO Services. It is almost impossible to reverse the funds once transferred via NEFT, RTGS or IMPS. If beneficiary account number to which you have transferred the funds is wrong; in that case, the funds will get reversed to your own account from which you have initiated the transaction.