National Electronic Fund Transfer
The national electronic fund transfer (NEFT) system is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country. For being part of the NEFT funds transfer network, a bank branch has to be NEFT-enabled. As at end-January 2011, 74,680 branches / offices of 101 banks in the country (out of around 82,400 bank branches) are NEFT-enabled. Steps are being taken to further widen the coverage both in terms of banks and branches / offices.
IFSC or Indian financial system code is required to perform a transaction using NEFT or RTGS. IFSC code identifies a specific branch of a bank. IFSC code can be found out on RBI website. These codes are also known from your bank branch, and it is best to confirm the IFSC code, before going for any transaction.
Read more about this topic: Indian Settlement Systems
Famous quotes containing the words national, electronic, fund and/or transfer:
“The American, if he has a spark of national feeling, will be humiliated by the very prospect of a foreigner’s visit to Congress—these, for the most part, illiterate hacks whose fancy vests are spotted with gravy, and whose speeches, hypocritical, unctuous, and slovenly, are spotted also with the gravy of political patronage, these persons are a reflection on the democratic process rather than of it; they expose it in its process rather than of it; they expose it in its underwear.”
—Mary McCarthy (1912–1989)
“The war was won on both sides: by the Vietnamese on the ground, by the Americans in the electronic mental space. And if the one side won an ideological and political victory, the other made Apocalypse Now and that has gone right around the world.”
—Jean Baudrillard (b. 1929)
“School success is not predicted by a child’s fund of facts or a precocious ability to read as much as by emotional and social measures; being self-assured and interested: knowing what kind of behavior is expected and how to rein in the impulse to misbehave; being able to wait, to follow directions, and to turn to teachers for help; and expressing needs while getting along with other children.”
—Daniel Goleman (20th century)
“If it had not been for storytelling, the black family would not have survived. It was the responsibility of the Uncle Remus types to transfer philosophies, attitudes, values, and advice, by way of storytelling using creatures in the woods as symbols.”
—Jackie Torrence (b. 1944)