CURRENT AFFAIRS

Detailed explanation-1: -The term “electronic fund transfer” or “EFT” means any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account. 12 CFR 1005.3(b)(1).

Detailed explanation-2: -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: -For Remitter (To send money): Get Beneficiary Mobile number and MMID. Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send. Await confirmation SMS for the debit in your account and credit in beneficiary account. Note the transaction reference number for any future query.

Detailed explanation-4: -RTGS is a system for electronic payments where payment transactions between two banks happen in real time and individually rather than in batches at the end of the day. This means that when a customer asks their bank to send money to a receiving bank via RTGS, the transfer of funds happens immediately.