BANKING GENERAL KNOWLEDGE
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[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traded
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Transport
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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: -Online RTGS transfer steps Find ‘Funds Transfer’ tab. Now click on Add Beneficiary>Select Beneficiary Type> Transfer to another Bank. Here you need to fill in these details: Beneficiary account name, IFSC code, Account number, and bank’s name. Click on ‘Add’ tab and hit confirm.
Detailed explanation-3: -RTGS is an electronic settlement system where transfer of funds takes place from one account of a bank to that of another bank on a real-time and on gross basis. Real-time refers transactions that do not need any waiting period. Transactions are settled as soon as they are executed.
Detailed explanation-4: -1.1 Centralised Payment Systems (CPS) in India are Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems, both owned and operated by Reserve Bank.