BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RTGS
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NEFT
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MTSS
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AEPS
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Detailed explanation-1: -NEFT services are available round the clock, even on holidays. However, these services are settled in batches of half an hour. This means that NEFT transactions are settled in 48 hourly batches, every day. The settlement of the first batch of NEFT transactions begins at 12:30 AM and ends at 12:00 AM.
Detailed explanation-2: -NEFT operates on a deferred net settlement (DNS) basis which settles transactions in batches. In DNS, the settlement or transactions happens only at a particular point of time.
Detailed explanation-3: -Ans. NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches.
Detailed explanation-4: -What are the operating hours of NEFT? Ans: The NEFT system is available round the clock throughout the year on all days, i.e., on 24x7x365 basis. NEFT presently operates in batches on half-hourly intervals throughout the day.
Detailed explanation-5: -Given that there are 24 hours in a day, and 2 batches of NEFT transactions take place in a single hour – the NEFT transactions are settled 48 times a day. The settlement begins at 12:30 AM and stops at 12:00 AM. The aim here is to fulfill maximum amount of NEFT settlements in a day.