BANKING AFFAIRS

Detailed explanation-1: -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. 7.

Detailed explanation-2: -While NEFT has no minimum or maximum limit on the amount to be transferred, RTGS transactions can only be performed if the amount to be transferred is equal to or more than Rs. 2 lakh.

Detailed explanation-3: -Minimum amount required to transfer funds through RTGS is Rs 2, 00, 000. RTGS stands for Real Time Gross Settlement.

Detailed explanation-4: -2 lakhs is done through IMPS. If such transactions go into a pending state, as per NPCI guidelines, the funds would be either reversed or credited to receiver’s account within 24 hours failing which, our team would take this issue up with the receiver’s bank. In such cases reversal could take a maximum of 3 days. 5.