NEFT Transfer

By entering the recipient's account number and IFSC code, senders can confirm the name of the account holder.

Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver before initiating a payment transaction

The RBI had earlier approved an interoperable system saying it will standardise settlement cycles for merchants, improve customer grievance mechanism

The banking regulator said its NEFT system has registered a growth of 700 per cent in terms of the volume of transactions in the past ten years

Users will soon be able to transfer money up to Rs 5 lakh through IMPS by deploying the mobile number and bank account name of the receiver

What is NEFT and how it works?

National Electronic Fund Transfer, or NEFT, is now a preferred mode of transaction for everyone. The RBI-managed NEFT has made near-real-time movement of funds easy. But how does the system operate?

RBI urged the member banks to inform their customers to plan their payment operations accordingly

In part one of a series, the author says the capital markets and the securities ecosystem have remained broadly untouched by the progress in India's payment infrastructure

The announcement comes a day after its customers were allowed inward IMPS and NEFT services for the same purposes

YES Bank administrator Prashant Kumar said that the moratorium imposed by the Reserve Bank of India could be lifted before the end of this week

The facility will be available to customers on 24x7 basis even on holidays, enabling them to receive or send funds to any bank from anywhere, anytime, Airtel Payments Bank said in a statement

This could become a reality in a month or two, said a source

The facility will be available on all days of the year including holidays

The RBI earlier this year had waived the charges it levied on banks for transactions routed through NEFT and RTGS

Digital payments constituted a high 96% of total non-cash retail payments during the October 2018 to September 2019

RBI will extend the collateralised liquidity support on NEFT, which is currently available till 7.45 pm on working days, round the clock.

RTGS is mostly used for transactions above Rs 2 lakh. The RBI added it will facilitate the creation of a central payment fraud registry for tracking payment system frauds

Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route

It will enhance the efficiency of NEFT system and add to customer convenience, says B P Kanungo