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What does NEFT stand for ?

  • A.National Electronic Funds Transfer
  • B.New Electronic Fund Transaction
  • C.National Exchange for Transfers
  • D.Networked Electronic Financial Transfer

Answer: A

Correct answer: National Electronic Funds Transfer

NEFT is a retail payment system operated by the Reserve Bank of India, settling transfers in batches. It has run around the clock since December 2019, and unlike RTGS it carries no minimum transaction value.

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