What is the full form of ‘NEFT’ in the context of electronic funds transfer? KBC Croma Answers Today
by J Nandhini
Updated Nov 29, 2023
What is the full form of ‘NEFT’ in the context of electronic funds transfer?
The Correct answer is National Electronic Funds Transfer
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system in India that enables individuals and businesses to electronically transfer funds from one bank to another. Introduced by the Reserve Bank of India (RBI), NEFT operates on a deferred net settlement basis, where transactions are settled in batches at specific intervals throughout the day.
NEFT facilitates the seamless and secure transfer of funds between banks across the country. It is widely used for various purposes, including interbank transfers, payment of bills, and online purchases. NEFT transactions involve the use of unique bank-specific codes, and customers can initiate transfers through online banking, mobile banking, or by visiting their bank branches.
One notable feature of NEFT is its accessibility to individuals and businesses, making it a popular choice for routine financial transactions. The system has contributed to the efficiency of the Indian banking system, offering a convenient and reliable means of electronic money transfer.
Croma Quiz KBC 2023 Registration
Croma Quiz KBC 2023 registration refers to the process by which participants can sign up and participate in the Croma Quiz, which is likely inspired by the popular Indian quiz show "Kaun Banega Crorepati" (KBC).Participants may have the chance to win prizes or rewards, much like the KBC show, but the exact prizes and rules would depend on the specific Croma Quiz.
Registration is the first step for those looking to test their knowledge and potentially win prizes in this quiz. It's a common practice for various organizations to conduct quizzes, often inspired by popular TV shows, as a way to engage their audience and offer them an entertaining and educational experience.
What is the full form of ‘NEFT’ in the context of electronic funds transfer? - FAQ
National Electronic Funds Transfer