With reference to the banking system of India what does NEFT stand for ........

General Studies (CHSL) Indian Economy

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With reference to the banking system of India, what does NEFT stand for?

National Electronic Funds Transfer

National Electronic Finance Transfer

National Equity Finance Transfer

National Equity Funds Transferaction

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Explanation:

NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country.National Electronic Funds Transfer is an electronic funds transfer system maintained by the Reserve Bank of India. Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology.