BANKING AFFAIRS

Detailed explanation-1: -NEFT stands for National Electronic Funds Transfer and was launched in 2005. It enables easy fund transfers between two parties, as long as both parties have a NEFT-enabled bank account. During the financial years of 2015 and 2016, customers made over 928 million transactions using NEFT.

Detailed explanation-2: -It is a safe and secure system for funds transfer. RTGS transactions / transfers have no amount cap set by RBI. The system is available on all days on 24x7x365 basis. There is real time transfer of funds to the beneficiary account.

Detailed explanation-3: -With Razorpay. Smart Collect. Automatically reconcile incoming NEFT, RTGS, IMPS and UPI payments using Razorpay Customer Identifiers and Virtual UPI-IDs. Receive alerts in real time for incoming payments with multi-bank support for a seamless experience.

Detailed explanation-4: -Besides funds transfer, NEFT system can be used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc. The transaction has legal backing. Available for one-way funds transfers from India to Nepal.