GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the full form of EFT?
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Efficient Funds Transfer
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Effective Funds Transfer
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Electronic Funds Transfer
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Electronic Foreign Transfer
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Explanation:
Detailed explanation-1: -Electronic funds transfer (EFT) is a transfer of funds is initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account.
Detailed explanation-2: -Examples of common electronic funds transfer transactions include the following: Automatic teller machines (ATM) Direct deposit payroll systems. Direct payments between buyer-seller businesses.
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