NEFT
India has two main electronic funds settlement systems for one to one transactions: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) systems. Transactions which are bulk and repetitive in nature are routed through electronic clearing service (ECS) which is further of two categories viz ECS-Credit (one debit and multiple credits e.g. Salary, Dividends) and ECS- debit (one credit and multiple debits e.g. bill payments, SIPs etc.). ECS is currently provided in around 75 centres in India.
Read more about NEFT: Real-time Gross Settlement, National Electronic Fund Transfer, Indo-Nepal Remittance Facility Scheme, Service Charge For RTGS, Service Charges For NEFT, Settlement Timings, RBI Holidays For 2012, Interbank Mobile Payment Service, Comparison