National Electronic Funds Transfer is the full form of NEFT. It was introduced in 2005. NEFT is used to transfer small to large amounts of money from one entity to another, within India. Under NEFT transactions, there is no minimum transfer limit ceiling. You can read about the National Payments Corporation of India (NPCI) – An Overview of Objectives, Products in the given link.
Further readings:
- Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
- Cashless Economy in India – UPSC GS-III Notes
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Related Links |
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Difference Between NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement |
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Cash Reserve Ratio (CRR)- Repo Rate & Reverse Repo Rate (UPSC Notes) |
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