[amp_mcq option1=”Clearing” option2=”Core Banking Solutions” option3=”Real Time Gross Settlement” option4=”National Electronic Fund Transfer” correct=”option1″]
The correct answer is: National Electronic Fund Transfer (NEFT).
NEFT is an electronic funds transfer system in India. It is an inter-bank system that enables banks to transfer funds between their accounts on a real-time basis. NEFT is operated by the National Payments Corporation of India (NPCI).
NEFT was launched in 2005 and has since become one of the most popular modes of fund transfer in India. It is used by individuals, businesses, and government organizations to transfer funds across the country.
NEFT is a safe and secure mode of fund transfer. It is regulated by the Reserve Bank of India (RBI) and is subject to all the security measures that are in place for online banking.
To use NEFT, you need to have an account with a bank that is a member of the NEFT system. You can then transfer funds from your account to another account using the NEFT system.
The transfer of funds through NEFT is usually completed within 24 hours. However, there may be delays in some cases.
The charges for using NEFT are very low. They are usually charged by the bank on which you have an account.
NEFT is a convenient and easy way to transfer funds. It is a safe and secure mode of fund transfer and is regulated by the RBI.
The other options are incorrect because:
- Clearing is a process of settling payments between banks.
- Core Banking Solutions are a type of software that banks use to manage their core banking operations.
- Real Time Gross Settlement (RTGS) is a system for transferring funds between banks on a real-time basis.